The firm behind the popular non-fungible tokens (NFTs) collection, Doodles, has successfully raised $54 million in a funding round led by popular capital venture firm Seven Seven Six. The firm will further use the secured funds to enhance its Intellectual Property (IP).

Doodles Amasses $54M In Funding

In a September 13 press release, Doodles confirmed the successful completion of its first funding round, which secured $54 million at a valuation of $704 million. The funding round was led by Reddit co-founder Alexis Ohanian’s VC firm, Seven Seven Six.

The funding initiative also saw the participation of other notable venture capital firms, including 10T Holdings, Acrew Capital, and FTX Ventures. While commenting about the recent successful funding, Julian Holguin, the CEO of Doodles, remarked:

“We’re thrilled to have Seven Seven Six believe in our vision to build the largest and most coveted web3 media brand worldwide, bridging consumer, culture, and entertainment. Our mission is to redefine what it means to be a world-class intellectual property.”

According to the announcement, the secured funds will allow it to scale up its growth strategy and monetize its intellectual property globally through ventures in the music, culture, and entertainment industries.

Doodles NFT Collection Overview

Dapper Labs alumni Evan Keast and Jordan Castro established the Doodles NFT project in partnership with the global renowned digital artist Scott Martin in October 2021. The NFT project features a limited edition of 10,000 NFTs.

Doodles are renowned for their colorful world and joyful cartoon character portraits of skeletons, cats, aliens, apes, and mascots on the Ethereum blockchain. Doodles has created many NFTs from hundreds of traits and hand-drawn artworks.

Since its inception, the Doodles NFT collection has gained mainstream adoption across institutions, celebrities, and public figures. Some notable stars currently holding Doodles NFTs include Justin Bieber, Future, Gary Vee, Snoop Doggy, Fat Joe, Kygo, Diplo, Steve Aoki, and Pranksy.

In the meantime, Doodles NFT collection aims to use the secured funds to build and accelerate the pace of its innovations through NFT products and gain mainstream adoption.

Doodles NFTs collection has reacted sharply to the news announcement. According to data from cryptoslam, Doodles have surged more than 600% in sales volume and over 400% in the number of active wallets in the past 24 hours. Moreover, its floor price has also increased by 14.58 % to 8.25 ETH at the time of writing.

Another popular NFT and crypto game project, Tamadoge, has also now raised over $16 million in initial funding in its presale.

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