gather $54 million equity funds led by 776 Ventures

After almost a month of silence, Doodles announced that they gathered $54 million of equity funding led by 776 Ventures. The funds will contribute to Doodles’ mission of becoming a Web3 ent. brand.

According to Forbes, the funding round was participated by well-known investors such as FTX Ventures, Acrew Capital, and 10T Holdings. The company is expected to have a $704 million valuation.

The Doodles team also shared they will be using these funds to explore music and gaming endeavors. The brand has been working day and night to make the NFT project a global company with its ecosystem.

This funding round is a step towards achieving that goal with the help of Reddit co-founder Alexis Ohanian’s 776. Doodles will continue to explore different possibilities with this Venture Capital.

In fact, Katelin Holloway, the founding partner of 776 is a board member at Doodles who will help the team in “transforming what the next generation of entertainment and media looks like.”

“With this capital, we aim to continue developing a new generation of engaging experiences and content using blockchain technology, including NFTs,” said Julian Holguin, CEO of Doodles.

“We want to create products for our core collector base, but at the same time utilize these great forms of marketing…, and onboard them into the Doodles ecosystem,” he added.

Additionally, Doodles will also be expanding its team to 30 people by acquiring engineers, creatives, marketers, and business executives. The career positions will open next week.

Doodles NFT is a collection of 10,000 pastel-rainbow-colored one-line sketch avatars, each having a unique set of rarity traits. This collection is one of the best-selling NFTs rivaling BAYC.

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