Half a billion euros: French start-up Sorare signs record fundraising for collectible digital cards

Earthquake on the French Tech planet. The start-up Sorare signed, Tuesday, September 21, the largest fundraising ever on this stage in France, for an amount of $ 680 million, or 580 million euros.

The young shoot, which had made its first significant fundraising in February (40 million euros), thus explodes the previous record, which Contentsquare (digital user experience specialist) had set on May 25 by raising 500 million of dollars. Barely three years after its creation, Sorare is valued at 4.3 billion dollars!

Article reserved for our subscribers Read also French Tech: record fundraising for the Contentsquare start-up

Both in terms of its trajectory and its positioning, Sorare stands out in the ecosystem. Who would have bet that investors would pay such attention to a company whose plan was to reinvent the Panini sticker for football fans in the age of the internet and blockchain technology? Because this is exactly what Sorare offers its users: the possibility of acquiring, through auctions, virtual cards of players, more or less rare (from 1 to 1000 copies per player and per season) – which come feed their collection. With the possibility of exchanging or reselling them at a profit. To make the experience even more interesting, these same cards allow you to participate in online championships and increase the value of your collection.

For Nicolas Julia, the leader and co-founder of the start-up, the trigger came when he saw the emergence of non-fungible tokens (NFT), or non-fungible tokens, a digital certificate secured using the blockchain, making it possible to guarantee the authenticity of a digital object such as a digital work of art or a piece of music. A technology which thus makes it possible to organize the rarity: one can create unique virtual objects, or rare, which are only more valuable.

Staggering growth rate

Football fans, and convinced that “Humanity has always liked to collect physical goods”, the two founders approached football clubs in order to be able to use the image of their players, with a weighty argument: the promise of income. To all the franchises with which it has concluded a contract (today more than 180, including the Spanish club Real Madrid and Paris-Saint-Germain), the start-up provides a guaranteed minimum as well as a commission on sales of images of their players.

You have 54.51% of this article to read. The rest is for subscribers only.


Leave a Comment