If this investment materializes, Sorare would become a unicorn company.
Sorare has received various funding in recent months.
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The fantasy football platform with collectibles on the Ethereum blockchain, Sorare, would have managed to raise more than 500 million dollars in a new round of financing.
Japanese conglomerate SoftBank has led the investment round, according to a Business Insider report citing three anonymous sources with knowledge of the investment round.
In addition to SoftBank, investors would also include the venture capital firm Atomico, the asset manager Eurazeo and Blisce, an investment fund created by a French businessman, the country where Sorare was created.
Without specifying the individual amounts invested, the report notes that the total figure is about $ 532 million, which is equivalent to about 450 million euros. With this investment, Sorare would reach a valuation close to 4,000 million dollars, according to Business Insider.
Sorare’s response and recent reports
Business Insider ensures that Nicolas Julia, CEO of Sorare, denied that the funding round was taking place above mentioned. However, the sources cited in the report indicate that the investment is about to be closed, although the details may still change.
The same media had already reported that both the company dedicated to non-fungible tokens (NFT) and SoftBank were in talks for a large investment. Also in local French media, such as Les Echos, they pointed to the injection of capital to Sorare since the end of last June, citing their own anonymous sources.
If this investment occurs and the increase in the valuation of the company, Sorare would go on to be a new unicorn in the world of cryptocurrencies. The term, which was coined a few years ago, refers to privately listed companies that value more than $ 1 billion.
According to data from Crunchbase, SoftBank has been investing in many small businesses focused on services and the digital economy in recent weeks. If this injection of capital to Sorare takes place, the Japanese giant would be giving clear support to the world of NFTs, which currently stands as a multibillion dollar industry. Only Sorare has moved more than 12 million dollars in trade of these tokens in the last 30 days, according to DappRadar logs.
Capital injections to Sorare
Previously, Sorare had received another $ 50 million in a financing round led by venture capital firms Benchmark and Accel, as reported by this outlet.
World football figures have also supported the company financially., like the Catalan defender Gerard Piqué; the French star of FC Barcelona, Antoine Griezmann; and former players such as Rio Ferdinand and Oliver Bierhoff.
Sorare is one of the top NFT markets at the moment, with its footballer card trading system and fantasy football game. On its platform, users can not only participate in competitions, but also earn money by buying and selling your NFTs. The record for the most expensive card is held by Cristiano Ronaldo, a player for whom a Sorare NFT sold for almost $ 300,000, CriptoNoticias reported in March.