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NFT Startup Candy Digital Secures $100M in Series A Funding Co-Led by SoftBank, Insight Partners

UTC by Bhushan Akolkar · 2 min read
NFT Startup Candy Digital Secures $100M in Series A Funding Co-Led by SoftBank, Insight Partners
Photo: Unsplash

Candy Digital is also building an official NFT ecosystem for Major League Baseball (MLB) wherein fans and collectors will be able to purchase, trade, and share officially licensed NFTs.

Fanatics-owned NFT startup Candy Digital secured $100 million in the Series A funding round. Insight Partners and SoftBank co-led this recent funding valuing the company at $1.5 billion.

Candy digital has been specializing in offering sports-focused collectible NFTs. Thus, the company will use this fresh capital in the continued expansion of NFT offerings across the global sports landscape. So far, Candy digital has sold around 42,000 individual NFTs in the market. Speaking of this development, Scott Lawin, CEO of Candy Digital said:

“Candy is focused on being the trusted, institutional-grade provider of authentic licensed products in the NFT space, and we are excited to continue to grow our business and develop unique digital assets which bring fans and collectors closer to the sports and players they love. Blockchain and NFTs provide tremendous opportunities to enhance the fan experience by allowing people to own a piece of their passion. We’re thrilled to continue partnering with the leading sports leagues around the world to engage fans through the next generation of sports collectibles as we create the future of fandom together.”

Candy Digital: Building Major League Baseball’s Official NFT Ecosystem

In its official press release, Candy Digital noted that it is building an official NFT ecosystem for Major League Baseball. Thus, fans and collectors will be able to purchase, trade, and share officially licensed NFTs.

Candy Digital also noted that it will use the funds to form new sports relationships. Furthermore, it will use it to accelerate the growth of its global team and other operational capabilities.

Apart from the Major League Baseball (MLB), the firm’s other partners also include the Race Team Alliance (RTA) and Major League Baseball Players Association (MLBPA). Lydia Jett, Partner at SoftBank Investment Advisers said:

“By combining Fanatics’ proven track record with blockchain and NFT expertise, we believe Candy Digital is creating a leading platform that offers consumers the opportunity to own a unique digital asset. The company’s partnership with MLB and MLBPA is a strong indication that fans and collectors want to engage with their favorite sports, music, and art in new ways. We are delighted to partner with Scott and the team to support their ambition to become the leading digital collectible NFT platform.”

Later this month, Candy Digital will be unveiling its ‘Beta’ platform. This will give users the first opportunity to directly buy, sell and trade Candy’s NFT products.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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