The start-up Sorare has announced that it has completed a round of funding of 40 million euros in series A. This fundraising, led by the American benchmark fund, also includes additional funding from Accel and new business angels including Alexis Ohanian, Reddit co-founder, soccer players Antoine Griezmann and Rio Ferdinand, as well as Gary Vaynerchuk, CEO of Vaynermedia.
This funding, which brings the funds raised from the start-up to 48 million euros, aims to support the growth of the community, accelerate recruitments and launch a mobile application.
3.5 million euros in January 2021
Sorare is a digital platform dedicated to the world of football. Founded in 2018 by Adrien Montfort and Nicolas Julia, it offers limited edition digital cards that users (Managers) can sell and buy, before competing in championships.
Like other very popular games, it allows you to recruit footballers, compose teams and earn points based on the actual performance of players and clubs. “Sorare was born out of our love for football“, comments Nicolas Julia, CEO of Sorare, We are building a passionate gaming experience where fans can connect with football and a global community.“
Nearly 130 partner clubs
It has forged partnerships with major European clubs, such as Liverpool, Paris Saint-Germain, Bayern Munich, Real Madrid and Juventus. To date, some 130 officially licensed football clubs have launched their digital cards on the platform. Sorare, who aims to join the 20 biggest football leagues in the world, promises these structures a new source of income via a commission taken from users’ bets. Backed by blockchain technology, the exchange platform promises transparency and portability to other games. The card is associated with a non-fungible token (NFT) created on the Ethereum network.
In the past, Sorare has convinced Spanish defender Gerard Piqué. Amid a pandemic marked by the rise of online entertainment – and the ban on supporters in stadiums – Sorare has seen average monthly growth of 52% per month over the past 12 months. It went from 50,000 euros worth of cards exchanged on the platform in January 2020 to 3.5 million euros in January 2021. Profitable, it is used in 120 countries and claims more than 50,000 users. Its biggest competitor in France, Mon Petit Gazon (MPG), totals more than 1.6 million players.