USD 500 million to be injected into Sorare in new funding round

Key facts:
  • Should this investment materialize, Sorare would become a unicorn company.

  • Sorare has received various funding in recent months.

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The fantasy football platform with collectibles on the Ethereum blockchain, Sorare, would have managed to capture more than 500 million dollars in a new round of funding.

Japanese conglomerate SoftBank has led the investment round, according to a report by Business Insider in which it cites three anonymous sources with knowledge about the investment round.

In addition to SoftBank, investors would also include venture capital firm Atomico, asset manager Eurazeo and Blisce, an investment fund created by a French entrepreneur, the country where Sorare was created.

Without specifying the individual amounts invested, the report notes that the total figure is about $ 532 millionwhich is equivalent to about EUR 450 million. With this investment, Sorare would reach a valuation close to 4,000 million dollars, according to Business Insider.

Sorare response and recent reports

Business Insider ensures that Nicolas Julia, CEO of Sorare, denied that the funding round was taking place earlier noted. However, sources cited in the report indicate that the investment is about to close, although the details may still change.

The same medium had already reported that both the company dedicated to non-expendable tokens (NFT) and SoftBank were in talks for a large investment. Also in local French media, such as Les Echos, they pointed out the injection of capital to Sorare since the end of last June, citing their own anonymous sources.

If this investment occurs and the increase in the valuation of the company, Sorare would go on to be a new unicorn in the world of cryptocurrencies. The term, which was coined a few years ago, refers to privately listed companies that exceed $ 1 billion in valuation.

According to Crunchbase data, SoftBank has been investing in many small businesses focused on services and digital economy in recent weeks. If this injection of capital to Sorare materializes, the Japanese giant would be giving a clear support to the world of the NFT, which currently stands as a multimillion-dollar industry. Sorare alone has moved over $ 12 million in trading these tokens in the last 30 days, according to DappRadar records.

Capital injections to Sorare

Previously, Sorare received another $ 50 million in a round of financing led by the venture capital firms Benchmark and Accel, as reported by this medium.

World football figures have also supported the company financially, as the Catalan defender Gerard Piqué; the French star of FC Barcelona, Antoine Griezmann; and former players such as Rio Ferdinand and Oliver Bierhoff.

Sorare is one of the main NFT markets of the moment, with its footballers card exchange system and the fantasy football game. On their platform, users can not only participate in competitions, but earn money by buying and selling your NFT. The record for the most expensive card is held by Cristiano Ronaldo, a player of whom an NFT from Sorare sold for nearly $ 300,000, Crypto News reported in March.

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