Doodles secured $54 million in a funding round Tuesday, taking its valuation to $704 million. Several prominent investors including FTX Ventures, Acrew Capital, and 10T Holdings took part in the funding round.
Doodles Valued at $704M After Fresh Funding
Doodles, a popular non-fungible token (NFT) collection spearheaded by Reddit co-founder Alexis Ohanian, announced Tuesday it raised $54 million in a Series A funding round. The financing, backed by FTX Ventures and Acrew Capital, among others, brings the project’s valuation to $704 million.
Doodles intends to use the fresh funding to fuel its expansion into music, gaming, and NFT sectors that are seeing strong interest. Doodles CEO Julian Hoguin said the project’s expansion efforts will be helped by a new board member, Katelin Holloway, a founding partner of 776 who was introduced to Doodles by Ohanian last year.
??Having Holloway “as a sounding board and as a true partner is going to be invaluable because we want to be built on culture, we want to elicit joy and creativity,” said Hoguin.
“We want to create products for our core collector base, but at the same time utilize these great forms of marketing like music, to introduce new people to Web3 and onboard them into the Doodles ecosystem.”
– Julian Hoguin, CEO of Doodles
Doodles Ramps Up Expansion Efforts Amid NFT Crunch
Doodles’ new funding round comes after a difficult eight months for the NFT and the broader web3 market. Interest in NFT bottomed earlier this year, while NFT trading volume plunged to just $191 million in August, from $3.5 billion in May.
Still, Doodles remains one of the largest profile picture NFT collections in the world. The project has minted around 10,000 NFTs so far, which are currently worth about $121 million, according to NFTPriceFloor. The project’s all-time sales volume stands at 148 ETH ($258,000), ranking it at 9th place in the NFT marketplace OpenSea, which dominates the sector in terms of market share.
Doodles also welcomed the singer and songwriter Pharell Williams as its chief brand officer in June, underscoring the project’s interest in expanding further into music-themed NFTs. Holguin believes music NFTs present an opportunity to lure more people into Web3, which has seen massive inflows of venture capital (VC) funding this year.
This article originally appeared on The Tokenist
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