NFT Company Doodles Raises $54M at $704M Valuation

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Posted September 14th 2022
NFT Company Doodles Raises $54M at $704M Valuation

NFT company Doodles had been quiet of late, not issuing a public statement for over a month as the floor of the NFT collection fell. Now, it has broken its silence in a big way. The team announced this week that it has raised $54 million, with Reddit co-founder Alexis Ohanian’s company Seven Seven Six leading the way. Here are all the details.

  • Acrew Capital, FTX Ventures, and 10T Holdings also participated in the fundraising round
  • The round placed Doodles’ valuation at $704 million
  • The Doodles team will use the money to expand into music and entertainment
  • It will start by scouting for top talent across a variety of sectors
Written by Chris Tepedino of
RaritySniper

According to the announcement, the newly raised funds will allow Doodles “to scale its growth strategy and monetize their IP globally through ventures in music, culture and entertainment industries.”

Doodles will be on the lookout for top talent in creative, operational, and blockchain sectors, to assist optimize their roadmap and streamline operations intending expansion. 

Doodles will also finance product development through acquisitions and its own media, technology, and collector experiences.

Doodle’s career section is set to launch 18 new full-time positions comprising: Head of Finance, Head of Business Affairs, Head of Marketing, Social Media Manager, Project Managers, Front-end Engineers, Back-end Engineers, Designers & Illustrators.

“This will grow our team from 11 to 30. All of these hires will be meticulously crafted to accomplish Doodles’ long-term goal of being the most important Web3 native entertainment brand in the world” the team tweeted.

The NFT collection hired Brandon Rosenblatt as the Head of Brand Partnerships who has 12 years experience working with Fortune 500 brands and “having incubated and launched several apparel brands.”

In the upcoming six months, Doodles’ musical NFT project will go live in collaboration with Columbia Records. The brand only disclosed that it involved a song with “an underlying adaptation experience” for NFT holders and that it would receive radio play and streaming exposure.

In June, Doodles NFTs announced the joining of Pharrell Williams as the new Chief Brand Officer. Williams is artistically molding the collection’s viewpoint on music, artwork, consumer products, animation and events.

The company’s game division, Space Doodles, would allow users to buy characters and animations with credit cards, instead of cryptocurrency.

“With this capital, we aim to continue developing a new generation of engaging experiences and content using blockchain technology, including NFTs. Our mission is to redefine what it means to be a world class intellectual property” stated Doodles CEO Julian Holguin.

Written by Vismaya V of
The Crypto Times

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