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# NFT marketplace Doodles secures $54 million in funding
- URL: https://www.techloy.com/nft-marketplace-doodles-secures-54-million-in-funding/
- Published: 2022-09-13T13:51:31.000Z
- Updated: 2022-09-13T13:51:31.000Z
- Author: Oluwajuwonlo Afolabi
- Tags: nft, Doodles

[Doodles,](https://doodles.app/) a Canada-based non-fungible token (NFT) marketplace has raised $54 million in its new funding round led by Seven Seven Six, a venture capital firm created by Alexis Ohanian, co-founder of Reddit, at a $704 million valuation. 

- The fund will enable the NFT platform to acquire a world-class team of engineers, creatives, marketers, and business executives, it claims. It will also be used to support its product development, acquisitions, proprietary technology, media, and collector experiences.
- Doodles is a web3, NFT, and entertainment brand. It has up to a 10,000 collection of NFTs and allows Doodle owners to vote on community-driven events, products, and features. It also has a Doodle bank with up $5 million to enable collectors to explore the NFT space.
- Although the NFT market is currently bearish and NFT sales are dropping, it is projected that the NFT market will grow from $3 billion to $13.6 billion by 2027, at a compound annual growth rate (CAGR) of 35%, per MarketsandMarkets study. This projection is in line with Doodle's aim for growth even as the market situation improves.
- Ancrew Capital, FTX Ventures, crypto exchange FTX venture capital arm, and 1OT Holdings invested in the funding round for Doodles.