{"id":46138,"date":"2021-07-15T13:26:15","date_gmt":"2021-07-15T10:26:15","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=46138"},"modified":"2025-09-01T14:50:25","modified_gmt":"2025-09-01T11:50:25","slug":"softbank-to-back-sorare-in-532-million-funding-round","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/softbank-to-back-sorare-in-532-million-funding-round\/","title":{"rendered":"SoftBank to back Sorare in $532 million funding round"},"content":{"rendered":"

NFT<\/span>-powered fantasy football platform Sorare is close to closing a funding round worth $532 million, according to Business Insider<\/a> citing its own sources.<\/p>\n

The valuation is expected to be at least $3.8 billion.<\/p>\n

The round was led by Japanese telecommunications giant SoftBank, with other participants including European firms Atomico, Eurazeo and Blisce, a firm founded by French entrepreneur Alexandre Mars in the United States.<\/p>\n

Sorare was founded in 2018. The platform allows users to buy, sell, and trade NFT cards of players from leading football clubs worldwide. The tokens are also used in virtual prize tournaments.<\/p>\n

Among Sorare’s 142 partner clubs are the French \u00abParis Saint-Germain\u00bb<\/a>, the Italian \u00abJuventus\u00bb, the Russian \u00abSpartak\u00bb and \u00abZenit\u00bb<\/a>.<\/p>\n

Sorare CEO Nicolas Julia denied reports of a new funding round. In the previous one, led by venture firm Benchmark, the platform raised \u20ac40 million<\/a>.<\/p>\n

The Block founder Mike Dudas refused to believe that SoftBank would invest such a large sum in a company with a net annual profit of only $20 million.<\/p>\n

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if softbank is really paying close to $4 billion for sorare, which is doing maximum $150m in gross revenue and $20m in net revenue annually, we\u2019ve all lost our goddamn minds<\/p>\n

shut it all down, it\u2019s pure insanity<\/p>\n

\u2014 Mike Dudas (@mdudas) July 15, 2021<\/a><\/p><\/blockquote>\n