Candy Digital Announces Series A1 Fundraise at Undisclosed Amount

Investors include Galaxy, ConsenSys Mesh, ConsenSys and 10T Holdings.
Image source: Candy Digital

Quick take:

  • The round was led by Galaxy Digital and ConsenSys Mesh.
  • This news comes after Fanatics sold 60% of its majority stake in Candy Digital.
  • Candy Digital has entered a new partnership with ConsenSys Mesh and ConsenSys.

Candy Digital today announced that it has raised a Series A1 financing round at an undisclosed amount, led by Galaxy and ConsenSys Mesh, with participation from 10T Holdings and ConsenSys, among others.

This news comes after Fanatics CEO Michael Rubin revealed in a memo that the company has sold 60% of its stake in the sports and entertainment NFT platform. Candy Digital was founded in 2021 by Michael Rubin, Galaxy Digital and CEO Mike Novogratz, and entrepreneur Gary Vaynerchuk.

Rubin said that the divestment was made to “maintain the integrity of the relationships with our investors.” However, he also said that the company “never achieved full integration of Candy within the Fanatics environment or culture due to shareholders with competing objectives and goals.”

With the fresh funding, Candy Digital will continue to scale and expand its flagship digital products, including ICON trading cards, Tickets, and Highlights. 

Through the latest fundraise, Candy Digital has entered a new partnership with ConsenSys Mesh and ConsenSys to accelerate the growth of its platform, tooling, and experience capabilities with an emphasis on web3 functionality.

”As 2023 will be a breakout year for Web3, we believe that this collaboration will be a driving force in empowering creators, players, and fans to take control of their economic, expressive, and political agency in an increasingly decentralized community-centric global economy. Together with Candy, ConsenSys Mesh and ConsenSys will help shape the future of community-driven, Web3-enabled collectibles, events, and experiences,” said Joseph Lubin, Founder and Chairman of ConsenSys Mesh and CEO of ConsenSys.

The announcement of the Series A1 funding appears to be an effort to squash notions that Candy Digital might be in financial trouble due to current market conditions. It also follows a number of new partnerships that the company has formed, including Getty Images, Netflix, the Race Team Alliance, and the WWE

Earlier this year, Candy Digital expanded its existing partnership with Major League Baseball and the Major League Baseball Player Association with the addition of the National Baseball Hall of Fame.



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