It has been reported that Doodles has received $54 million of equity funding, courtesy of Reddit co-founder Alexis Ohanian’s Seven Seven Six. In addition to Seven Seven Six; Acrew Capital, FTX Ventures and 10T Holdings also contributed to this figure.
However, according to the announcement, Doodles plans to use this investment to expand in the music and gaming spheres. This investment brings its valuation to $704 million. The Seven Seven Six founding partner and Doodles board member Katelin Holloway will also help expand the project both internally as well as externally.
“Reimagining storytelling through the blockchain, Doodles is changing the way the world connects and interacts. We’re so excited to partner with Doodles and the team as they continue transforming what the next generation of entertainment and media looks like.”
The report said that Doodles are involving the collectors in future endeavors. Holders will be able to commercialize their NFTs for up to $100,000 before licensing agreements are required. The team hired holders as illustrators, demonstrating a commitment to community integration.
Julian Holguin, the Chief Executive Officer of Doodles, said:
“With this capital, we aim to continue developing a new generation of engaging experiences and content using blockchain technology, including NFTs. We’re thrilled to have Seven Seven Six believe in our vision to build the largest and most coveted web3 media brand worldwide, bridging consumer, culture, and entertainment. Our mission is to redefine what it means to be a world-class intellectual property.”
Doodles is a joyful collection of 10,000 NFTs co-founded by Jordan Castro, Evan Keast, and digital artist Burnt Toast. Since its launch almost a year ago, it has become one of the top NFT projects. Its colourful, inclusive characters, along with its passionate community and roadmap have all contributed to its success.
Thus, Doodles has attracted the attention of high-profile NFT collectors, such as Gary Vee, Snoop Dogg, Justin Bieber, Diplo, and Kygo, to name but a few. In June, the team announced that Pharrell Williams is the brand new Chief Brand Officer. In the next six months, Doodles will also launch several products. This includes their mainstream NFT experience meant for mass adoption.
Source: NFT Evening