Sports apparel and memorabilia company Fanatics sells ownership of sports-focused company candy digital Early this month. Following the report, Candy Digital announced an extended Series A funding round and filed new SEC filings providing financial details.
Candy Digital will launch in 2021 with a mission to fuel fandom with digital collectibles and experiences. Founded by Galaxy Digital with Gary Vaynerchuk and his Fanatics, he raised $100 million in a Series A funding round, bringing the valuation to his $1.5 billion.
However, last year’s crypto winter hit hard and the web3 world was hit with some unsettling challenges. NFTs have lost their luster and macroeconomic stimulants have languished. In November, it announced massive layoffs and chopping 33% of employees Face the onslaught. Just as the company scaled back to weather the storm, more bad news followed. The majority of Candy Digital’s stakeholders are: 60% stake sold in the organization. A new update on the funding round sheds light on the latest developments.
Candy Digital shows resilience
Earlier this month, Candy Digital announced an extended Series A funding round, but did not include any details. A new filing with the U.S. Securities and Exchange Commission (SEC) provided financial figures for the funding round. Candy Digital has raised a whopping round of funding, according to the latest filings. IPO of $38,449,997 from 14 investors. The amount raised is more than half of his $68,188,480 the company is looking to raise.
We make for our fans 💪
Today we are taking the next step in our journey with a new investment round led by our fantastic web3 partners, including: @galaxyhq, @consensis mesh, @consensis. https://t.co/AXX6tfVhJ3
— Candy (@CandyDigital) January 5, 2023
Despite these setbacks, Candy Digital successfully raised a huge amount of money in a funding round. Backed by some strong players and pioneers, it certainly hasn’t looked back on its failures. Rather, it focuses on how to close gaps and move forward.Sports and Entertainment Disruptor also released plan How do you intend to use up the surplus inventory from the previous year?
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In its own press release, CEO Scott Lawin revealed that the funding will be an effective lubricant for expanding the company’s platform. We are also looking to form new partnerships in the future with known platforms. Galaxy Digital and ConsenSys Mesh led the round along with 10T and others. Successful fundraising shows that innovative and disruptive platforms are worthy of impediments.
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