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Sports-focused non-fungible token (NFT) company Candy Digital announced a Series A extension funding round earlier this month but didn’t specify the monetary amount. The news followed media reports that sports merchandiser Fanatics was selling its 60% stake in Candy Digital but, again, the amount wasn’t included. A new filing with the U.S. Securities and Exchange Commission (SEC) on Wednesday finally provided some financial figures.
On the basis of the deposit, candy digital had collected $38,449,997 from 14 investors in an offer of capital, more than half of the total amount of $68,188,480 sought by the company in connection with the sale. It opened in January. 3 – The day before, cnbc reported that fanatics were selling their participation to a group led by renowned financier Michael Novogratz, the digital galaxy.
Candy Digital was established in 2021 by Galaxy Digital, Gary Vaynerchuk and Fanatics during a sports NFT boom and debuted with a Major League Baseball (MLB) partnership. The startup raised a $100 million Series A round in October of that year at a $1.5 billion valuation. However, NFT – digital assets supported by technology that proves ownership – became one of the hardest hit cryptography verticals when the bear market really started in early 2022.
Read more: What Are NFTs and How Do They Work?
Candy digital unveiled its a1 series plug-in on January. 5. the cycle was carried out jointly by the digital galaxy and the consensys network, with the participation of 10 t of holdings, and consensys, amongst others. In the press release, CEO Scott Lawin stated that candy digital would use the funding to further expand its platform and form new partnerships with brands and institutions.
The secondary deposit does not provide context for the offer, so it is unclear if the amounts represent all or part of the fanatic participation sale and/or financing cycle. CoinDesk contacted Candy Digital for comments, but there was no response at the time of publication.
