Sportswear and memorabilia firm Fanatics has sold its ownership stake in a sports-focused company digital sweets earlier this month. Following the reports, Candy Digital announced a Series A funding extension, with a new SEC filing providing the financial details.
Candy Digital launched in 2021 with a mission to accelerate fandom with collectibles and digital experiences. Established by Galaxy Digital, with Gary Vaynerchuk and Fanatics, it raised $100 million in a Series A funding round at a $1.5 billion valuation.
However, the crypto winter hit hard last year and was swept up in some perplexing challenges in the web3 world. NFTs lost their luster and macroeconomic stimulants were low. In November, he announced a mass layoff and the logging of 33% of its staff to face the onslaught. Just as the company scaled back to weather the storm, more bad news followed. The majority shareholder of Candy Digital announced the sale of its 60% stake In the organization. New updates regarding funding rounds will shed some light on the latest developments.
Candy Digital shows Resilience
Earlier this month, Candy Digital announced a Series A extension funding round, but the finer details weren’t included. In a new filing with the US Securities and Exchange Commission (SEC), financial figures related to the funding round were provided. According to the latest presentation, Candy Digital has raised a whopping $38,449,997 from 14 investors in a stock offering. The amount raised represents more than half of the $68,188,480 that the company seeks to raise.
We build for the fans 💪
Today, we take the next step in our journey with a new round of investment led by some amazing web3 partners, including @galaxyhq, @ConsenSysMesh, @ConsenSys. https://t.co/AXX6tfVhJ3
— Candy (@CandyDigital) January 5, 2023
Despite these setbacks, Candy Digital has successfully raised a gigantic amount in its funding round. With the backing of some strong early-mover players, he surely isn’t looking back on the dips. Rather he is focusing on the way forward, closing the gap. The sports and entertainment disruptor has also launched a plan about how you intend to use your excess inventory from the previous year.
the story continues
In his own press release, CEO Scott Lawin revealed that the funding would be an effective lubricant to help scale his platform. He would also look to form new partnerships in the future with well-known platforms. Galaxy Digital and ConsenSys Mesh along with 10T and others led this round. The successful fundraising proves that innovative and disruptive platforms will remain valuable despite the obstacles.
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