Following the most recent fundraise, the Doodles NFT project now has a valuation of $704 million. Popular NFT project Doodles announced a $54 Million fundraise, led by Alexis Ohanian’s venture Capital firm 776. Additional participation came from Acrew Capital and FTX Ventures as well as 10T Holdings.
The 10K NFT collection was first issued in October 2021. It is well-known for its bright-colored and pastel-toned characters, which include humans, flame-heads, and skeletons.
After having already made a deal at this year’s NFT NYC, Pharrell Williams was named their Chief Brand Officer. The NFT collection now have fresh funds to expand its reach.
The team will use the raise to grow their brand and technology reach.
Doodles has outlined its plans to increase the core team’s number from 11 to 30, including a range of managerial positions such as Head of Finance, Head Business Affairs and Social Media Manager.
A tweet in June showed the Doodles brand’s ambition to expand into music, animation, consumer goods, IP partnerships, events and attractions.
Pharrell Williams was named Chief Brand Officer of Doodles
In June, Ohanian’s company first hinted at today’s investment. In addition to Pharrell being Doodles’ brand rep, 776 teased that it had also led the initial funding round for the project back in June.
Ohanian stated that his company would “take all their work so far and bring them to another level, scale them even further.” Along with Williams, Katelin Holloway, cofounder of Seven Seven Six, joined Doodles.
Doodles, according to Crypto Slam data, is the eleventh largest NFT project in terms of sales volume. The collection has sold more than \$524 million on the Ethereum network to over 13,300 customers since its launch in Oct 2021.
Doodle #6914 is the highest-value piece in the collection. It sold for 296.69 Ethereum or approximately \$1.1 million today’s price. The owner is Pranksy, a serial NFT collector.