French start-up, Sorare, has raised $50 million in a series A funding round. Investors include Benchmark, Partech, Alexis Ohanian, co-founder of Reddit, and French soccer player Antoine Griezmann.
Founded in October 2018 by Adrien Montfort and Nicolas Julia, Sorare developed a blockchain-based fantasy football game using Ethereum technology. Users can buy and sell digital cards of their favorite football players.
Sorare has agreements with prestigious football clubs, attracting many fans and supporters. Through the platform, users can create their teams, buy, and trade limited-edition cards. Sales have grown from around $50,000 a year ago to approximately $6.5 million in January 2021.
With this funding round, Sorare aims to strengthen its workforce, finalize license partnerships with five leagues and 150 clubs by the end of the year, and triple its current staff of 12.
Sorare has been supported since its inception by Ubisoft and Xavier Niel's Kima Ventures. The company's growth has been remarkable, with sales rising exponentially in just over two years. The innovative use of blockchain technology has attracted investors and football fans alike, as Sorare continues to expand its operations and partnerships.