• Sports-focused non-fungible token (NFT) company Candy Digital has raised $38M in an equity offering.
• The offering opened on Jan. 3, following reports that Fanatics was selling its 60% stake in Candy Digital to a group led by Michael Novogratz’s Galaxy Digital.
• Candy Digital was founded in 2021 by Galaxy Digital, Gary Vaynerchuk, and Fanatics, and debuted with an MLB partnership.
Sports-focused non-fungible token (NFT) company Candy Digital has announced a successful Series A extension funding round, raising $38,449,997 from 14 investors in an equity offering. This comes weeks after reports that Fanatics, the world’s leading sports merchandiser, was selling its 60% stake in Candy Digital to a group led by Michael Novogratz’s Galaxy Digital.
Candy Digital was established in 2021 by Galaxy Digital, Gary Vaynerchuk and Fanatics when a boom in sports NFTs was taking place. The startup was able to quickly raise a $100 million Series A round in October of that year at a $1.5 billion valuation.
The offering opened on Jan. 3, 2021 and was recorded in a filing with the U.S. Securities and Exchange Commission (SEC). The offering will go towards the overall amount of $68,188,480 that the company is seeking to raise in the sale.
Since its inception, Candy Digital has made a name for itself by partnering with Major League Baseball (MLB). The company has also been working on a number of high-profile projects, such as a line of physical collectibles featuring NFTs.
Candy Digital’s success is a testament to the power of NFTs. The digital assets are backed by blockchain and are becoming increasingly popular with athletes, teams, and organizations as a way to monetize their creativity and brands.
As the NFT industry continues to grow and evolve, Candy Digital is well-positioned to capitalize on the trend. With its successful funding round and the backing of well-known investors, the company is in a good position to continue to make waves in the NFT world.