Doodles $54 million insurance in a funding round Tuesday, bringing its valuation to $704 million. Several prominent investors including FTX Ventures, Acrew Capital and 10T Holdings participated in the funding round.
Doodle Worth $704 Million After New Funding
Doodles that are popular Non-fungible token set (NFT) Alexis Ohanian, led by the Reddit co-founder, announced Tuesday that it has raised $54 million in a Series 1 funding round. The funding, backed by FTX Ventures and Acrew Capital, among others, brings the project’s valuation to $704 million.
Doodles intends to use the new funding to advance its expansion into the music, gaming and NFT sectors that are seeing strong interest. Doodles CEO Julian Hoguen said the project’s expansion efforts will be helped by new board member Caitlin Holloway, co-founder of 776 that Ohanian introduced to Doodles last year.
Having Holloway “as a sound board and as a true partner would be very valuable because we want to build on culture, and we want to spark joy and creativity,” Hugoin said.
“We want to create products for our core collector base, but at the same time use these great forms of marketing like music, to introduce new people to Web3 and get them into the doodle ecosystem.”
– Julian Huguen, CEO of Doodles
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Doodle ramps up expansion efforts amid NFT crisis
Doodles’ new funding round comes after eight difficult months for NFT and the broader web3 market. Interest in NFT declined earlier this year, while trading volume for NFT fell to just $191 million in August, from $3.5 billion in May.
However, doodles are still one of the largest NFT collections of profile pictures in the world. The project has minted about 10,000 NFTs so far, which are currently worth about $121 million, according to NFTPriceFloor. The project has an all-time turnover of 148 ETH ($258,000), making it the ninth place in the NFT OpenSea market, which dominates the sector in terms of market share.
Doodles too Say hello to singer-songwriter Pharrell Williams as its main brand manager in June, confirming the project’s interest in expanding further into music-themed NFTs. Holguin believes that music NFTs represent an opportunity to attract more people to Web3, which has seen massive inflows of venture capital (VC) funding this year.
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About the author
Tim Fries is one of the founders of The Tokenist. He has a BA. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim has served as a senior assistant on the investment team in the US private equity division of RW Baird, and is also the co-founder of Protection Technologies Capital, an investment firm specializing in sensing, protection and control solutions.