The NFT Project has raised $54 million with the backing of Reddit’s co-founder

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The popular NFT Doodles series raised $54 million in a recent equity financing, according to a report from Forbes. The funding round was led by Reddit co-founder Alexis Ohanian, a longtime Doodles holder, through his venture capital firm Seven Seven Six.

The report claims that the NFT project has been backed by other big names in the crypto industry with backing from FTX Ventures, Acrew Capital, and 10T Holdings. Doodles launched in 2021 as a limited collection of just 10,000 items that managed to exceed $100 million in total value.

Similar to other popular NFT collections, Doodles is made up of digital assets with unique and immutable features with varying levels of rarity. Data provided by Forbes via NFTPriceFloor indicates that the rarest of these items sold for over $1 million, with the lowest selling price being around 6.6 ETH or around $10,000.

Doodles celebrated the success of the fundraising round via their official twitter handlethe company says it will use some of the funds to expand its staff with an engineering team, marketing team, sales executives, and more.

Another portion of the funds will be used for product development, acquisitions, creation of proprietary technologies and innovation of owner experiences. The latter is an important point for the team behind Doodles as the project aims to provide investors with more use cases for their NFTs.

The company will launch 18 new full-time positions in an effort to push its vision for Doodles across multiple industries, including games and music. Via Twitter, the team behind the project added:

This will grow our team from 11 to 30. All of these hires will be meticulously crafted to achieve Doodles’ long-term goal of being the world’s largest native Web3 entertainment brand.

Ethereum ETH ETHUSDT
ETH price with minor losses on the 4-hour chart. Source: ETHUSDT Tradingview

Doodles to expand NFT use cases? Search for partnerships

The company has hired Brandon Rosenblatt as head of brand partnerships. Rosenblatt has worked with Spongecell, a leading ad tech company, for over a decade and has worked with Fortune 500 companies.

The newly hired Doodles come at a critical time for the project. Over the past few months, the project has cemented partnerships with renowned companies in the entertainment industry, such as rapper and music producer Pharell Williams as Chief Brand Officer.

Julian Hoguin, CEO of Doodles, sees their foray into music and video games as a way to increase adoption and provide holders with new experiences and use cases for their digital assets. In this sense, the investment and guidance of Seven Seven Six and its founding partner Katelin Holloway is crucial, Hoguin said:

As we evolve and we evolve rapidly. having it as a sounding board and as a true partner will be invaluable because we want to build on culture, we want to inspire joy and creativity (…). We want to create products for our core collector base, but at the same time use those big forms of marketing like music, to introduce new people to Web3 and bring them into the Doodles ecosystem.



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