Candy Digital, a sports-focused collectible NFT firm, raised $100 million in a Series A financing round, bringing its valuation to $1.5 billion.
According to an Oct. 21 press release, Insight Partners and Softbank Vision Fund 2 co-led the funding round. Former NFL quarterback Peyton Manning, Connect Ventures, Will Ventures, Gaingels, Com2Us, and Athletes Syndicate, through a partnership with Chaos Ventures, are also involved.
A Candy Digital spokesperson told ULTCOIN365 that the company has sold nearly 42,000 individual NFTs so far.
The company, which began operations on June 1, claims to be creating an ecosystem for fans to buy, share, and trade officially licensed Major League Baseball (MLB) NFTs. Its NFT marketplace is built on the Ethereum sidechain Palm. Candy will soon be releasing three new products related to the MLB playoffs and World Series.
Candy also works with the Major League Baseball Players Association (MLBPA), Race Team Alliance (RTA), and college athletes.
Candy Digital plans to use the funds to “integrate new sports relationships,” as well as expand its creative content studio, user experience teams, and NFT marketplace. It will also expand in areas such as recruiting, engineering, and customer success.
Fanatics CEO Michael Rubin, Galaxy Digital CEO Mike Novogratz, and entrepreneur Gary Vaynerchuk are among Candy’s founding board members.