NFT Project Pudgy Penguins Raises $9M
NFT
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 crew.
The funding spherical comes over a yr after the Pudgy Penguins undertaking voted out its founders for allegedly draining treasury funds and failing to fulfill group 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 value final December. Pudge Penguins has advanced to incorporate stay occasions, new methods for homeowners 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 robust momentum we’ve constructed over the past yr, even in a bear market,” mentioned Pudgy Penguins head of investor relations Vi Powlis within the press launch. “At this time’s milestone is a testomony to the imaginative and prescient of our strategic companions, who acknowledged that Pudgy Penguins isn’t solely a Web3 model for crypto-natives, but additionally an accessible IP for on a regular basis shoppers world wide, in addition to our extremely proficient crew.”
Different traders within the spherical included Huge Mind Holdings, Kronos Analysis, the founders of LayerZero Labs, Outdated Style Analysis, and CRIT Ventures.
