Doodles Closed $54M in First Funding Round as Valuation Tops $704M

September 14, 2022

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Colorful profile picture Non-Fungible Token (NFT) maker Doodles has announced the completion of a round where it realized $54 million and ended up raising its valuation to $704 million.

This is its first round of funding led by Seven Seven Six, a venture capital firm created by Reddit co-founder Alexis Ohanian, in collaboration with 10T Holdings, Acrew Capital, and Sam Bankman-Fried FTX Ventures.

Doodles plan to make use of this fund to expand its team by hiring new talents in the form of engineers, content creators, marketers, and business executives.

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According to a tweet by the Doodles team, “We are using the funding to rapidly acquire a world-class team of engineers, creatives, marketers, and business executives. As well as to fund product development, acquisitions, proprietary technology, media, and collector experiences.”

Also, the capital fund will be used to upscale Doodles’ growth strategy and monetize its Intellectual Property (IP) globally through ventures in the music, culture, and entertainment industries.

Doodles through its CEO Julian Holguin expressed its excitement in having Seven Seven Six on its train for this investment.

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“We’re thrilled to have Seven Seven Six believe in our vision to build the largest and most coveted web3 media brand worldwide, bridging consumer, culture, and entertainment. Our mission is to redefine what it means to be a world-class intellectual property.”

Doodles 10,000-Image NFT Collection

Doodles is a platform with a collection of about 10,000 NFTs cofounded by the trio Burnt Toast, Evan Keast, and Jordan Castro.

Burnt Toast is a digital artist while both Evan and Jordan are Web3.0 pioneers. Doodles is generally known to specialize in profile pictures. Collectively, its 10,000-image NFTs are worth about $121 million following Bored Ape Yacht Club (BAYC) NFTs which are valued at $1.27 billion.

It was launched last year in October and has since transcended to be one of the most loved collections due to its colorful world and passionate community. A few of its notable collectors are celebrities like Justin Bieber, Future, Gary Vee, Snoop Dog, Fat Joe, Kygo, Diplo, Steve Aoki, Pranksy.