On Tuesday, NFT collection Doodles announced that it has raised $54 million and reached a valuation of $704 million in a funding round led by Seven Seven Six, with participation from 10T Holdings, Acrew Capital, and FTX Ventures. The investment will allow them to expand their growth strategy and monetize their intellectual property globally through projects in the music, culture and entertainment sectors.
Doodles is a collection of 10,000 NFTs co-founded by digital artist Burnt Toast and Web3 pioneers Evan Keast and Jordan Castro. Artistically, it is known for its colorful worlds and hilarious cartoon character portraits such as skeletons, cats, aliens, apes , and mascots minted on the Ethereum blockchain. The NFTs in the collection are created from hundreds of characteristics and drawn by hand.
In early March, Doodles invited its NFT owners to an exclusive experience at the South by Southwest festival in Texas. Users can visit Doodles-themed locations to buy drinks, draw Doodles on their nails, order refreshments, and display their NFTs throughout the exhibition.
On the new fundraiser, Katelin Holloway, founding partner at Seven Seven Six, said:
“We believe Doodles are expanding the digital frontier with how we experience and create content, unlocking the real value behind NFTs. Doodles are changing the way the world connects and interacts by reimagining storytelling through blockchain.”
Since its launch in October 2021, the Doodles collection has surpassed 148,500 Ether (ETH) traded on OpenSea at an exchange price of 8.4 ETH. Notable collectors include Justin Bieber, Future, Gary Vee, Snoop Dog, Fat Joe, Kygo, Diplo, Steve Aoki, and Pranksy.