nft game image banner for Popular NFT Project Doodles Raises $54M in First-Ever Funding Round

Popular NFT Project Doodles Raises $54M in First-Ever Funding Round

Posted September 14, 2022 2:09 pm
3 min
By Jethro Sandico

Popular NFT project Doodles announced on September 13, 2022, that it had raised $54 million (at a $704 million valuation) in its first funding round. 

Venture Capital firm Seven Seven Six led the fundraising, with involvement from 10T Holdings, Acrew Capital, and FTX Ventures.

“With this capital, we aim to continue developing a new generation of engaging experiences and content using blockchain technology, including NFTs,” said Doodles CEO Julian Holguin.

The Doodles team plans to use the capital to grow its brand and monetize their Intellectual Property (IP). Using their IP, they can engage in projects in the field of music, entertainment, and culture. The team will search for the best creative and technical talent as Doodles expands. Acquiring more personnel will help the company realize its goals.

Along with ideas and manpower, Doodles aims to fund product development through acquisitions and proprietary technology, among others.

New York City-based international law firm Proskauer served as Doodles’ main advisor for the funding round. The firm provided guidance on deal processes, corporate structuring, and establishing partnerships between the company and investors.

About Seven Seven Six

Seven Seven Six is a venture capital firm founded in 2020 by social media site Reddit co-founder Alexis Ohanian. He is joined by Founding Partner Katelin Holloway, and Foundation Program Director Lissie Garvin, among others. The firm usually focuses most of its efforts on supporting start-ups.

“We believe Doodles is developing the next digital frontier of how we experience and create content, unlocking the real value behind NFTs,” Holloway said. “Reimagining storytelling through the blockchain, Doodles is changing the way the world connects and interacts. 

About Doodles

Doodles started out as a collection of 10,000 generative NFTs on the Ethereum blockchain. The project was created by Scott Martin (aka Burnt Toast), along with Evan Keast (aka Tulip) and Jordan Castro (aka Poopie). The trio first gained prominence as part of the Dapper Labs team that launched CryptoKitties in 2017.

With the introduction of various artworks, Doodles built its own ecosystem. Today, Doodles hosts several NFTs of creatures. The collection currently includes aliens, apes, cats, skeletons, and the most feral of them all: humans.

The project does not have a definite rulebook regarding traits and their rarities. However, a website called RaritySniffer provides an unofficial ranking of Doodles NFTs. As of this writing, Doodles’ total volume is at 148,000 $ETH ($235,225,280), with a floor price of 7.49 $ETH ($11,904.31). The most expensive Doodles NFT has a 5,555.50 $ETH price tag ($8,829,689.48), per OpenSea.

In late June, Doodles newly-hired CEO Julian Holguin (former president of Billboard), announced that the group has acquired superstar producer/musician Pharrell WIlliams as its chief brand officer. 

Since its launch, Doodles NFTs have garnered the attention of celebrities. Famous figures who own Doodles include pop singer Justin Beiber, influencer Gary “Gary Vee” Vaynerchuck, EDM DJ Steve Aoki, and top NFT collector Pransky.

NFTs: An Expansion

Doodles joins a growing list of NFT projects that evolved from Profile Picture (PFP) collections into promising ecosystems. One of them is Rumble Kongs, an ape-themed NFT collection with support from NBA players. The project is currently building its own basketball game “Rumble Kong League.” 

Other NFT titles are broadening their offerings this year with games, music and even films. Some of the notable projects gunning for expansion include Doge Pound, Gutter Cat Gang, Kaiju Kingz, Pudgy Penguins, and Samurai Doge.

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