Quick take:
- A recent SEC filing indicates that Candy Digital has raised $38 million.
- The NFT firm earlier this month announced it had raised an undisclosed amount after Fanatics sold a 60% stake.
- The company is raising $68 million in an extended Series A round.
Candy Digital has disclosed a $38 million fundraising from an extended Series A round. A Securities Exchange Commission (SEC) filing published on Wednesday indicates that the Sport NFT firm $38,449,997 from 14 investors in an equity offering after Fanatics, the parent company of Candy Digital sold a 60% stake in its NFT startup.
The disclosure comes barely two weeks after the company revealed it had raised an undisclosed amount in a round backed by a group co-led led by Michael Novogratz’s Galaxy Digital and ConsenSys Mesh with ConsenSys and 10T Holdings also among 14 investors that participated in the round.
The SEC filing also indicates that Candy Digital is looking to raise $68,188,480 overall in the equity sale, with the current fundraising reflecting more than 56% of the target amount.
Candy Digital CEO Scott Lawin said the company plans to use the fresh capital to revamp the development of its platform whilst also forming new partnerships with brands and institutions.
The company has already sealed partnerships with some of the leading brands as they look to join the wild world of non-fungible tokens (NFTs). NFTs are cryptographic files representing proof of ownership of digital assets like personal profile pictures (PFPs), digital artwork, virtual avatars, and merchandise.
Brands like Nike have already demonstrated how NFTs can be used to augment brand revenue. However, given the complex nature of the crypto market, not all brands can launch their own NFT platforms. That’s where Candy Digital comes in, providing mainstream companies like the World Wrestling Entertainment (WWE), Major League Baseball (MLB) and even Netflix with a ready-made platform to launch their NFTs.
The Candy Digital NFT marketplace is built on the Ethereum blockchain, one of the most secure networks for consumer-facing decentralised apps. The company claims its platform is 99 times faster than the traditional proof-of-work blockchains.
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