NFT company Candy Digital is valued at $1.5 billion
Candy Digital, a non-fungible token (NFT) startup founded by Fanatics, has raised capital in a funding round at a $1.5 billion valuation led by Insight Partners and SoftBank Vision Fund 2.
Candy Digital raised $100 million in a Series A round
It raised $100 million in a Series A round and is now valued at $1.5 billion. Investors include SoftBank's Vision Fund 2 and Athletes Syndicate in partnership with Chaos Ventures, which includes current and former players from MLB, the National Football League, and the National Basketball Association, as well as the NFL Hall of Famer Peyton Manning.The funding round comes at a time when Fanatics, the world's largest retailer of licensed sports merchandise, is rapidly expanding its offerings to include online betting, trading cards, and NFTs as part of its broader strategy to build a global digital sports platform.
What is Candy Digital?
The company was founded earlier this year by Fanatics CEO Michael Rubin, former hedge fund manager, and crypto billionaire Mike Novogratz, and serial entrepreneur Gary Vaynerchuk. Later this month, the company will unveil a platform where fans and collectors can buy, sell and trade its NFT products, which have so far been released in partnership with MLB and a number of college athletes.Candy Digital will run its NFT products on the Ethereum blockchain and compete with Dapper Labs in the sports NFT space. In 2018, the Canada-based company leveraged digital collectibles by developing the National Basketball Association product.
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