Doodles Raises $54M at a $704M Valuation Led by Reddit Co-founder
- Doodles has already made the first hiring, Brandon Rosenblatt, as the Head of Brand Partnerships.
- The company’s 10,000 NFT collection has a collective value of about $121 million, according to NFTPriceFloor.
- Doodles CEO Julian Hoguin says the company is looking to draw from Holloway’s experiences as an HR executive to expand both internally and externally.
Doodles, a non-fungible tokens (NFT) maker, has announced the closure of fundraising with $54 million at a valuation of approximately $704 million. According to the announcement, the just concluded fundraising was led by Reddit co-founder and NFT enthusiast Alexis Ohanian’s venture capital firm Seven Seven Six (776). Other participants in the fundraising include Acrew Capital, FTX Ventures, and 10T Holdings.
Doodles has noted that some of the funds will be channeled into hiring more specialized people including engineers, creatives, marketers, and business executives. Additionally, the company will use a portion of the funds in product development and strategic acquisitions.
“Next week, our careers page will go live with 18 new full-time positions. Key roles you can expect to see are Head of Finance, Head of Business Affairs, Head of Marketing, Social Media Manager, Project Managers, Front-end Engineers, Back-end Engineers, Designers, & Illustrators,” Doodles noted.
Consequently, the company expects to grow from 11 to 30 persons after the hiring spree. In fact, the company has already made the first hiring, Brandon Rosenblatt, as the Head of Brand Partnerships.
Doodles and the NFT Market Outlook
Doodles has attracted notable volume in the NFT market, despite launching its products less than a year ago. The company’s 10,000 NFT collection has a collective value of about $121 million, according to NFTPriceFloor.
Worth noting, that the Doodles NFT collection is based on 100 visual traits that were mixed and matched in different combinations to produce unique works. Thereby generating no two NFTs that are alike.
Katelin Holloway, Seven Seven Six founding partner, and Doodles board member was introduced to Doodles by Ohanian, an early collector of Doodles.
Doodles CEO Julian Hoguin says the company is looking to draw from Holloway’s experiences as an HR executive to expand both internally and externally.
“We’re very keen on actually developing other people’s opportunities to utilize their characters in their own commercial efforts,” says Hoguin. “It just needs to be controlled.”
The NFT market has recorded a continued drop in trading volume, a synonymous aspect with the entire cryptocurrency industry. However, the NFT commerce mechanism has significantly shifted in the past year, following increased interest from institutional investors.
The NFTs have a range of use cases in the real world, thereby giving them value beyond the speculative aspect. However, the NFT market still has high chances of possible wash trading meant to spike the prices.
Nevertheless, with NFTs getting tagged to real word materials like in luxury brands, wash trading in the digital collectibles is expected to be controlled to some extent.
Otherwise, the GameFi and metaverse industry heavily relies on the NFT market. Additionally, the anime network is also expected to heavily benefit from the rising NFT industry.