The round is led by eVentures, with other investors including Partech, Fabric Ventures and Semantic Ventures, as well as former German national team player André Schürrle. It currently has 76 officially licensed clubs, including Atletico Madrid, Valencia CF and Betis, and plans to sign agreements with 150 clubs by December, including two Spanish clubs.
French company Sorare, creator of the first fantasy football platform based on blockchain technology, has completed a $4 million funding round led by eVentures, with other international investors including Partech, Fabric Ventures and Semantic Ventures, as well as former German national team player André Schürrle.
Details of the situation
With this injection of capital, the company plans to strengthen its team of developers and engineers and sign agreements with 150 clubs around the world by the end of the year, including two teams in the Spanish football league.
Sorare’s Fantasy Football model is based on a new concept of collectible stickers: officially licensed, limited edition digital player cards that users can buy, trade and sell on its online marketplace.
Using Ethereum blockchain technology, it is established, in a totally reliable and secure way, who owns the digital card at any given time, and the ‘rarity’ of the cards is guaranteed. Users can play with players from their favourite teams, take part in weekly tournaments and win prizes in cryptocurrencies.
The platform currently has 76 officially licensed clubs from Europe, the United States and Asia, including, for the time being, three Spanish clubs (Atlético de Madrid, Valencia CF and Betis), but the list will be extended in the coming months by two new teams.
For the teams, Sorare’s proposal represents an opportunity to increase their visibility and reach a much wider audience, while offering a new revenue channel.
Successful visionaries and a growing market
Football fans have been collecting and trading player stickers in the physical world for decades. Aware of the potential of blockchain technology to create a new category in the sports industry, in 2019 Nicolas Julia and Arien Montfort decided to found Sorare.
Today, it is already a profitable business after selling over $1 million worth of cards in 50 countries in just over 12 months.
According to NonFungible, the largest database of the blockchain-based games and cryptocurrency market, Sorare’s fantasy football is number one in the world.
Its user community continues to grow among collectors and football fans, and its revenue has grown tenfold in six months, from $30,000 in December 2019 to $350,000 in June 2020.
“People buy $370 billion worth of collectibles every year. Our mission is to make fantasy football more international and rewarding with a new type of collectible: digital stickers, so that football fans can put their knowledge of the game to good use while enjoying the players in their favourite team. We are delighted to be backed by an incredible group of investors who will help us to consolidate this new market internationally”, Nicolas Julia, CEO of Sorare.
“Rarely have we come across a team that has achieved so much in such a short space of time, both with its seamless game engine and by partnering with over 70 football clubs in less than 12 months.” Christian Miele, eVentures partner
We are confident in the opportunity that blockchain applications offer to this sector by enabling clear ownership of digital assets.
This relatively new development in the wider technology space, combined with robust gaming software, has huge potential and we are very proud to have the opportunity to support the team in making their ambitious vision a reality.
