Eth-based fantasy football gaming startup has made a home run by raising $4M in a seed funding round
Sorare a fantasy football gaming startup, based on Ethereum has raised $4 million in a seed funding round.
E.ventures led the round, where numerous footballers from all over the world participated such as German professional footballer Andre Schurrle, Ledger co-founder Thomas France, and venture firms Partech, Fabric Venture, and Semantic Ventures.
According to Block, Sorare is planning ahead to expand its team size from 6 to 12 by hiring the required professionals such as full-stack engineers, a game economist, and a game designer. The spokesperson also told Block that Sorare could further expand its team to 20-25 by hiring more people in the coming year.
Foundation of firm
Sorare was founded in 2018 in Paris and its main purpose is to enable its users to collect and trade blockchain player cards, or digital collectibles. Around 70 football clubs have collaborated with Sorare for the issuing of licensed cards including the famous footballer Cristiano Ronaldo-led Juventus.
The firm further plans to collaborate for licensing partnerships with other clubs in order to reach the total number of partnerships to 150 by the coming year.
The spokesperson said, Sorare has over 20,000 users and its top markets are in France, Russia, the U.S., Italy, and the U.K. he further added, it “correlates quite well with the clubs launched.”
Sorare is “already profitable,” and has seen volumes on its trading platform grow by ten times from $30,000 in December 2019 to $350,000 in June 2020.
Today’s seed round comes over a year after Sorare’s €500,000 ($570,000) pre-seed round in May 2019, which was backed by several investors and was a hit in terms of profit and investment, including ConsenSys Ventures.