Fundraising follows a change in leadership that led to a greater emphasis on utilizing intellectual property.
NFT (non-fungible token) accumulation Pudgy Penguins has completed a $9 million initial funding round led by 1kx. The company intends to use the new funds to expand its intellectual property and workforce.
Pudgy Penguins raises $9 Million in initial funding round
More than a year after the Pudgy Penguins project ousted its founders for purportedly depleting treasury funds and falling short of community objectives, the funding round has arrived.
In April 2022, entrepreneur Luca Schnetzler (Netz) purchased the Pudgy Penguins rights for $2.5 million with the promise to expand the brand. Soon after, licensing agreements and social media campaigns pushed the NFTs’ floor price to an all-time high in December.
Pudge Penguins has changed over time to include live events, new ways for token owners to make money and use their tokens, and physical things like books and toys with the IP on them.
“We are thrilled to be able to continue the strong momentum we’ve built over the last year, even in a bear market,” said Pudgy Penguins head of investor relations Vi Powlis in the press release. “Today’s milestone is a testament to the vision of our strategic partners, who recognized that Pudgy Penguins is not only a Web3 brand for crypto-natives, but also an accessible IP for everyday consumers around the world, as well as our incredibly talented team.”
Big Brain Holdings, Kronos Research, the founders of LayerZero Labs, Old Fashion Research, and CRIT Ventures were among the other investors in the round.
Content Source: coindesk.com