Candy Digital Raises $38M in Funding Amid Company Turmoil

Fanatics, a sports apparel and memorabilia company, sold its stake in Candy Digital, focusing on Sports, earlier this month. Candy Digital has announced that it will be extending its Series A funding. A new SEC filing provides financial details.

Candy Digital was founded in 2021 to accelerate fandom through digital collectibles, experiences and products. It was founded by Galaxy Digital with Gary Vaynerchuk, Fanatics and raised $100 million in a Series A round of funding at a valuation of $1.5 billion.

Crypto winter struck hard last year, and the web3 world was confronted with many unnerving challenges. NFTs lost their shine and macroeconomic stimulants were low. It announced in November a massive layoff, and the chopping off of 33% of its workforce in order to meet the onslaught. The company had already reduced its workforce to meet the storm’s demands, but it received more terrible news. Candy Digital’s majority stakeholder has announced that it will be selling its 60% share of the company. The latest updates regarding funding rounds will provide information.

Candy Digital displays Resilience

Candy Digital had earlier this month announced a series A funding round, but the details weren’t included. Financial figures related to the funding round were disclosed in a new filing filed with the U.S Securities and Exchange Commission (SEC). Candy Digital raised $38,449 997 from 14 investors through an equity offering, according to the most recent filing. This raise is more than half the $68,188,000.480 the company seeks to raise.

Candy Digital managed to raise a huge amount of funding despite these setbacks. It is supported by some pioneers and strong players, so it doesn’t look back at its failures. It is instead focusing on the future and bridging the gap. The sports and entertainment disruptor also revealed a plan for how it will use its excess inventory from the previous year.

The Story continues

Scott Lawin, the CEO of the company, stated that funding would be an effective lubricant for scaling its platform. They will also look to forge new partnerships with established platforms in the future. This round was led by ConsenSys Mesh and Galaxy Digital, as well as 10T and other partners. This successful fundraising shows that disruptive and innovative platforms are still valuable, despite all obstacles.

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NFT Plazas’s first article, Candy Digital Raises $38M for Funding in the Face of Company Turmoil, appeared first on NFT Plazas.

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