Doodles, 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.