Sorare, a Paris-based fantasy football platform that uses blockchain for trading player cards, has closed a $4 million seed round led by e.ventures. According to a press release, the trading platform’s revenue multiplied ten times in the last six months, growing from $30,000 in December 2019 to $350,000 in June 2020. The investment will enable the company to scale up its team to meet the rapid growth.
In the online marketplace, users can buy and sell officially licensed digital player cards, ranked based on performance in real matches. Ethereum blockchain is used to establish who owns a digital card at any given time and secures the card’s digital scarcity.
The French company, which is already profitable, has sold over $1 million worth of cards across 50 countries. Over 90 football clubs from Europe, the US, and Asia have partnered with Sorare to issue player cards, including Juventus, Atletico, and Olympique Lyonnais. Sorare also plans to finalise licensing partnerships with five leagues and 150 clubs by the end of this year. Christian Miele of e.ventures commented: “We are certain of the opportunity that blockchain applications bring with them, in terms of assigning clear ownership of digital assets. This relatively new development within the wider tech space, in combination with a strong fantasy gaming engine, has tremendous potential.”