NFT Project Pudgy Penguins Raises $9M


09 Might 2023 13:55, UTC


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Non-fungible token (NFT) assortment Pudgy Penguins has introduced the completion of its $9 million seed funding spherical led by 1kx. The corporate plans to make use of the brand new capital to scale its mental property and group.

The funding spherical comes over a 12 months after the Pudgy Penguins venture voted out its founders for allegedly draining treasury funds and failing to fulfill neighborhood objectives. In April 2022, entrepreneur Luca Schnetzler (Netz) purchased the Pudgy Penguins rights for $2.5 million with a promise to construct out the model, which quickly concerned licensing offers and social media campaigns, pushing the NFTs to an all-time excessive ground worth final December. Pudge Penguins has developed to incorporate dwell occasions, new methods for house owners to monetize and make the most of their tokens and bodily items bearing the IP together with books and toys.

“We’re thrilled to have the ability to proceed the sturdy momentum we’ve constructed over the past 12 months, even in a bear market,” mentioned Pudgy Penguins head of investor relations Vi Powlis within the press launch. “As we speak’s milestone is a testomony to the imaginative and prescient of our strategic companions, who acknowledged that Pudgy Penguins just isn’t solely a Web3 model for crypto-natives, but additionally an accessible IP for on a regular basis customers all over the world, in addition to our extremely gifted group.”

Different traders within the spherical included Large Mind Holdings, Kronos Analysis, the founders of LayerZero Labs, Outdated Vogue Analysis, and CRIT Ventures.

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