NFT project raised $54 million with support from Reddit co-founder

NFT project raised  million with support from Reddit co-founder

Popular NFT Group Doodles raised $54 million in equity financing recently, per Report from Forbes. The funding round was led by Alexis Ohanian, co-founder of Reddit and a longtime doodler, via venture capital firm Seven Seven Six.

The report claims that the NFT project was backed by other major names in the crypto industry with support from FTX Ventures, Acrew Capital and 10T Holdings. The Doodle was launched in 2021 as a limited collection limited to just 10,000 items which managed to exceed $100 million in total value.

Similar to other popular NFT suites, Doodles Graphics consists of digital assets with unique and consistent features with different rarity levels. Data provided by Forbes via NFTPriceFloor indicates that the rarest of these items sold for more than $1 million at the lowest selling price of around 6.6 ETH, or around $10,000.

Doodle celebrates the success of the funding round with Official Twitter handleThe company claims that it will use a portion of the funds to expand its workforce with a team of engineers, a marketing team, business executives, and more.

Another part of the money will be used for product development, acquisitions, creation of special technology, and innovation of owners’ experiences. The latter is an important point for the team behind Doodle as the project aims to provide investors with more of their own use cases.

The company will launch 18 new full-time jobs with the goal of advancing its doodle vision across multiple verticals, including games and music. The team behind the project added via Twitter:

This will increase our team from 11 to 30. All of these employees will be meticulously engineered to achieve Doodles’ long-term goal of being the most important Web3 local entertainment brand in the world.

ETH price with slight losses on the 4 hour chart. source: ETHUSDT TradingView

Doodles to expand NFT use cases? Seeking Partnerships

The company has appointed Brandon Rosenblatt as Head of Brand Partnerships. Rosenblatt has worked with Spongecell, a major advertising technology company, for more than a decade and has worked with Fortune 500 companies.

The new hired doodles come at a critical time for the project. Over the past months, the project has strengthened partnerships with companies with significant names in the entertainment sector, such as rapper and music producer Pharrell Williams as CEO of the brand.

Doodles CEO Julian Huguen sees their incursion into music and video games as a way to increase adoption and provide owners with new experiences and use cases for their digital assets. In this sense, the investment and advice from Seven Seven Six and its co-founder Caitlin Holloway is critical, Huguen said:

As we expand and expand rapidly. Having it as a voice board and as a true partner will be invaluable because we want to build on culture, we want to spark joy and creativity (…). We want to create products for our core collector base, but at the same time we use these great forms of marketing like music, to introduce new people to Web3 and get them into the doodle ecosystem.

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