NFT Marketplace Sorare to Close $530M Round led by SoftBank
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15 July
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Sorare, a marketplace of non-fungible tokens (NFTs) focused on soccer, is about to announce its major investment round led by SoftBank, Business Insider has learned. The French startup is close to the $530 million mark at a valuation of $3.8 billion. According to sources familiar with the matter, European fund Atomico, French funds Eurazeo and Blisce are also expected to participate.

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Sorare was founded in 2018. In February this year, the Paris-based startup raised a $50 million Series A round led by Benchmark Capital alongside Accel, Reddit Co-Founder Alexis Ohanian and Barcelona and France soccer star Antoine Griezmann.

Later in April, the startup signed a licensing agreement with the Spanish soccer team Betis to bring the benefits of blockchain fantasy gaming to soccer fans. On Sorare, players are represented by limited edition digital collectibles: player cards. Blockchain technology is used to guarantee the authenticity, provenance and digital scarcity of the collectibles.

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For every player and every season, Sorare issues one Unique player card, ten Super Rare player cards, 100 Rare player cards. Every week, managers compose teams of 5 player cards to compete in different fantasy soccer leagues to earn rewards and unlock achievements.

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