Sorare, the French startup of digital sports collecting, it would be negotiating a round of financing of 450 million euros ($ 532 million). To affirm it is Business Insider, recalling how this is the largest single round in history for a transalpine technology company.
Already in February Sorare had raised 50 million dollars, in the funding round led by Benchmark, which also participated Alexis Ohaniani, the co-founder of Reddit. Funds which are intended to finance the development plans of the company, which would already currently be valued at 3,8 billion dollars. An evaluation that, if apparently exaggerated, would however be justified by the presence of Softbank as a principal investor.
What is Sorare and how it works
Sorare was founded in the course of 2018, to then make its debut the following year. The platform aims to establish collaborations with the teams of football in order to launch NFT, or non-fungible tokens, in the form of cards reserved for their supporters. Who can buy them and then exchange them in order to form their own team in the digital version of Fantasy Football. In the various tournaments organized in this way, prizes in the form of cryptocurrency are then up for grabs.
A simple idea, but which had an extraordinary response during the Covid pandemic, when the stadiums were closed to try to counter the spread of the virus. In an attempt to maintain the link with their respective fans, football teams from all over the globe have joined Sorare's proposals. So much to give life to an audience that currently numbers more than 140 of the most famous companies, on the platform. In which the most famous tournaments are widely represented, such as the Premier League, La Liga, Bundesliga, Serie A and Ligue 1.
Who will participate in the funding round?
As we have mentioned, SoftBank is the main investor in Sorare. During this round, the participation of Eurazeo, an asset management company, of the European fund Atomic and the French fund Blisce. All driven by the numbers boasted by the platform, which is growing at an increasingly intense pace. Which could be favored in particular by the relationship with UbiSoft, thanks to which Sorare could significantly expand its range of products. To date, however, the platform has processed transactions amounting to $ 54 million.
The collaboration between Sorare and the Royal Belgian Football Association
The last blow in terms of image, for Sorare, was the collaboration undertaken with the Royal Belgian Football Association. Also in this case the object of the agreement is the commercialization of NFTs relating to the current components of the Belgian national team, that is the one that participated in the recent European football championships, being eliminated in the quarter-finals by theItaly.
Collaboration with the Belgian federation is only one step, within the framework of a wide-ranging strategy. Under which similar partnerships had already been undertaken with those of Germany and France. Naturally, the company is also negotiating with other federations and the announcement of similar agreements with other important entities is easily foreseeable. Starting with the FIGC, which has increased its appeal exponentially after the triumph of the national team led by Roberto Mancini at Euro 2020. And which could represent Sorare's next big shot.