Sports NFT platform Candy Digital raises $38.5m in new round

Candy Digital, a sports-centered digital collectible company, has received about $38.5 million from its investors, according to an SEC filing dated Jan. 18.

Massive funding comes after a change in ownership

The Securities and Exchange Commission filing also revealed that the company aims to raise $68.1 million. With that, the NFT startup still has $29.7 million yet to be collected. 

The first seeding round began on Jan. 3, with 14 investors participating in the purchase, raising the amount thus far. However, it is yet to be determined if the funding is part of Series A1 or if it is a separate venture by the company in a bid to raise some money.

Fanatics, a sports apparel store, sold its majority stake in Candy Digital at the start of the year. Fanatics used to own 60% of the company. As a result, the company closed another funding round.

The Series A1 funding wave was huge, given that Galaxy Digital and ConsenSys Mesh spearheaded it.  Even though the collectible company acquired new ownership, Fanatics still retains some stake.

Fancy future for the NFTs startup, Novogratz claims

Candy Digital was founded by Fanatics CEO Michael Rubin in 2021. He also received the support of Novogratz at its foundation. 

Apart from designing digital collectibles, it is an NFT marketplace for tokens in sports, entertainment, and culture. The company had a successful beginning having a valuation of 1.5 billion in 2021.

Galaxy Digital owner and crypto billionaire Mike Novogratz expressed his belief that Candy Digital is well-positioned for a successful future in NFTs due to rising demands. He also said that the company has the potential to expand into other industries.