NFT Creator Doodles Raises $54M in Funding for a $704M Valuation

The company said it will use the raise money to further improve its intellectual property.

On Tuesday, non-fungible token (NFT) collection Doodles announced that it had raised $54 million at a valuation of $704 million in a funding round led by Seven Seven Six, with participation from 10T Holdings, Acrew Capital and FTX Ventures. As Doodles said, this investment will allow it to expand its growth strategy and monetize its intellectual property globally through businesses in the music, culture and entertainment industries. /p>

Doodles is a collection of 10,000 NFTs co-founded by digital artist Burnt Toast and Web3 pioneers Evan Keast and Jordan Castro. Artistically, he is known for his colorful world and cheerful cartoon character portrayals of skeletons, cats, aliens, monkeys, and mascots minted on the Ethereum blockchain. The NFTs in the collection are generated from hundreds of strokes and drawn by hand. Blockchain development software company Dapper Labs founded the company in 2021.

Earlier in March, Doodles invited its NFT holders to an exclusive experience at the South by Southwest festival in Texas. Users could visit Doodle-themed locations to buy a drink, have Doodles painted on their nails, order refreshments, and display their NFTs throughout the exhibit.

Regarding the new fundraiser, Katelin Holloway, founding partner of Seven Seven Six, said:

"We believe Doodles is developing the next digital frontier in the way we experience and create content, unlocking the real value behind NFTs. Doodles is changing the way the world connects and interacts by reinventing storytelling through the blockchain ."

Since its launch in October 2021, the Doodles collection has exceeded 148,500 Ether (ETH) traded on OpenSea with a floor price of 8.4 ETH. Notable collectors include Justin Bieber, Future, Gary Vee, Snoop Dog, Fat Joe, Kygo, Diplo, Steve Aoki, and Pranksy.