Softbank leads $680m investment into Sorare
By Abigail Townsend
Date: Tuesday 21 Sep 2021
(Sharecast News) - Japanese conglomerate Softbank is leading a $680m investment in French fantasy football start-up Sorare.
The Paris-based tech firm, which was founded in 2018, runs an online game where players can either buy or earn digital football cards, which are non-fungible tokens. NFTs are unique and often scarce, with ownership publicly verifiable via the Ethereum blockchain.
Softbank is leading the investment, which values Sorare at $4.3bn, through its Vision Fund 2 and Latin America Fund. Other investors range from venture capitalist firms Atomico and Bessemer Venture Partners to footballers, including former England defender Rio Ferdinand and Barcelona's Gerard Pique.
Sorare said it had seen "tremendous growth" in 2021, with over $150m worth of cards traded on the platform since January. The latest funding will be used to accelerate the firm's growth within football as well expand into other sports. It also plans to open in the US.
Nicolas Julia, co-founder and chief executive, said: "We are continuously shifting towards digital experiences to celebrate and hone our passions.
"We saw the immense potential than blockchain and NFTs brought to unlock a new way for football clubs, footballers and their fans to experience a deeper connection with each other."
Marcelo Claure, chief executive of SoftBank Group International, said Sorare was at the "intersection" of digital collecting and fantasy sports.
"It's evident from Sorare's amazing growth this year alone that football fans around the world have been eagerly waiting for. For the game within the game that Sorare provides," he added. "We are pleased to be joining them on this journey."
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