Munich-based football metaverse platform The Football Company has roped in €2.5 million in funding to connect football fans with fantasy gaming in the metaverse. The seed round was led by Dreamcraft and saw the participation of DapperLabs, web3 Studios, BLN Capital, angel investors and professional football players such as Joshua Kimmich and Cesc Fàbregas.
The fresh capital will be used to expand into new markets, recruit new employees and set the ground to scale the sports NFT ecosystem.
The startup’s first product, The Football Club (TFC), sells tokens that represent analogue merchandise in the form of a 3D object with which users can equip their avatars. The football metaverse is based on avatars and licensed digital collectibles and competitions. The startup generates revenue by issuing digital collectibles which can be traded on the TFC marketplace. Fans can buy those items, add them to their collection and earn rewards by managing a squad of players in a fast-paced fantasy experience based on real-life sports performances.
The web3 startup was founded in 2020 by two brothers Ante Kristo and Josip Kristo to create authentic and advanced virtual football experiences. The company also secured former Bayern München powerhouses Robert and Niko Kovac as founding investors for their idea.
Ante Kristo, CEO, The Football Company said: “Our goal as football fanatics is to respect the legacy and culture of football while using cutting edge technology.”
Niko Kovač, founding investor, The Football Company added: “The metaverse gives football fans new possibilities to express passion for their club and show their individuality. It will raise the appeal of fantasy football to a whole new level.”
Mikkel Marfelt, investment manager, Dreamcraft Ventures, concluded: “With this investment we are taking NFTs to new heights. You could call it NFT 2.0 really. The power of communities around NFTs are going to be one of the strongest drivers in the space. TFC is positioned to be the core driver of this shift with their key focus on the football fandom culture.”
The Football Company has already dropped four NFT collections with its partners, generating more than €270,000 in revenues in less than four weeks. All drops were sold out in less than 24 hours.