On September 13th, the non-fungible token collection Doodles announced that it had raised $54 million in a recent funding round that gave the company a $704 million valuation. This money will be used to bolster Doodles’ growth strategy while also helping the company monetize its IP through ventures in music, culture, and entertainment.
This funding round was led by Seven Seven Six. Additional investments also came from 10T Holdings, Acrew Capital, and FTX Ventures.
“We believe Doodles is developing the next digital frontier of how we experience and create content, unlocking the real value behind NFTs,” said Katelin Holloway, a founding partner of Seven Seven Six. “Doodles is changing how the world connects and interacts by reimagining storytelling through the blockchain.”
Doodles is a collection of 10,000 NFTs that was co-founded by the world-famous digital artist Burnt Toast as well as Web3 veterans like Evan Keast and Jordan Castro. These NFTs are minted on the Ethereum blockchain.
The Doodles NFT collection was launched in October of 2021. Since then, it has surpassed 148,500 Ether traded on OpenSea. Some of the notable NFT holders include Justin Bieber, Snoop Dogg, Fat Joe, Gary Vee, and more.