Sorare, a blockchain-driven fantasy football club, has successfully raised $4 million in its first round of funding. The fundraising was led by e.venture.
Sorare is powered by Ethereum. It generates digital trading cards, which represent well-known professional players, that can be swapped by its users. Much like any other fantasy football game, the user acts as the manager. The manager can then use the digital cards to compete with others.
Sorare is in partnership with the South Korean K-League, US Soccer League, and MLS. According to the company, the partnership added over 3,500 new users so far.
Sorare CEO, Nicholas Julia, says the company is looking to improve its user experience. “We’ve had major traction, essentially targeting the ‘crypto-enthusiast’ potential users. It’s important for us that they can play without needing to install MetaMask and buying ether,” says Julia.
One of the most exciting aspects of Sorare is its ability to reenact previous real-life games. Players can plug-in data and recreate games from past seasons. Max Mersch, a co-founder of Fabric Ventures, first joined the platform as a player. Later on, Fabric Ventures became an investor.
Sorare’s main source of revenue is from selling digital cards. As at June 2020, sales have topped $350,000. Julia said the raised $4 million will be used to get major leagues signed on.