NFT Platform FanCraze Raises $100 Million In A Latest Funding Round
FanCraze, a digital collectibles startup, has raised $100 million in a funding round led by New York-based global private equity and venture capital firm Insight Partners, with participation from B Capital.
The funding round also saw participation from Mirae Financial, Tiger Global, Coatue Management, Sequoia Capital India, Courtside Ventures, and Cristiano Ronaldo’s CR7.
As per the startup, the freshly raised funds will be used for the expansion of the company’s metaverse across the cricket landscape for current and emerging partners.
FanCraze is building the International Cricket Council’s (ICC) official NFT ecosystem to deepen fans’ love of the sport and offers users to collect and trade officially-licensed cricket NFTs from the ICC.
Speaking about the development, Anshum Bhambri, chief executive officer of FanCraze, said,
“NFTs are fast becoming a movement and are enabling a direct relationship between all types of IP owners and their fans. NFTs represent culture, and FanCraze is building an experience that would enable fans to collect cricket NFTs, engage with play-to-earn games and utilities, and own digital land.”
FanCraze plans to use the proceeds to integrate new sports relationships and accelerate the growth of its global team, R&D lab, user experience team, gaming studio, and marketplace platform where fans can buy, trade, and craft their NFTs.
Additionally, the startup will also use the funds to scale the company’s engineering, marketing, and customer success teams as the company expands its tech-centric offering to build the overall fan experience.
In January, the startup dropped NFTs (non-fungible tokens) of 75 moments from the ICC Men’s World Cup. FanCraze’s current partners include the ICC, Cricket West Indies (CWI), and cricketers including Rohit Sharma, Shikhar Dhawan, Jasprit Bumrah, Ravichandran Ashwin, Yuzvendra Chahal, Jonty Rhodes, Muthiah Muralidaran and Andre Russell.
FanCraze seems to be a captivating startup with inspiring new development on software development platform. I’m certain this startup would keep on succeeding in its excursion ahead. All the best to the whole group of FanCraze. This will give them an enormous achievement in the future.Shishir Gupta, Founder and CEO, StartupLanes
Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.
If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.
You can subscribe to our news posts by entering your email in the box on the right side of this page.
Check out our YouTube channel for insightful content from the Indian startup ecosystem.
The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.
Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.