Doodles Raises $54M Backed By Reddit Co-Founder

The company behind the Doodles NFT project has successfully completed a $54 million funding round led by Alexis Ohanian’s VC firm, Seven Seven Six (776). 

776 Leads Capital Funding

The Doodles NFT project has been lying low for the last few months. So much so that it had even drawn some criticism from the community for going silent. But the latest announcement from the company’s CEO should put all such concerns to rest. 

On Tuesday morning, the company announced that it had successfully conducted a capital round, raising $54 million. The funding round was led by Seven Seven Six, the venture capital firm founded by Reddit co-founder Alexis Ohanian. Other investors in the project include Crew Capital, FTX Ventures, and 10T Holdings. The funding has catapulted the project to a valuation of $704 million, despite a significant drop in the project’s floor price before the announcement. The all-time high floor price of the Doodles NFTs was at 25.5 ETH back in May. From there, it has dropped to around 7.47 ETH. 

Funds Channeled Towards Hiring

According to the Twitter announcement on the official Doodles handle, the funds will be used to onboard talent and fill 18 new full-time positions across finance and marketing positions. 

Quoting the announcement, 

“We are using the funding to rapidly acquire a world-class team of engineers, creatives, marketers, and business executives. As well as to fund product development, acquisitions, proprietary technology, media, and collector experiences.”

The announcement also introduced Brandon Rosenblatt, who is the new Head of Brand Partnerships for Doodles. 

Music NFTs And More

One of the board members on the Doodles NFT project is Katelin Holloway, a founding partner at Seven Seven Six. she was first introduced to the project by early Doodles collector Alexis Ohanian himself. She was drawn in by the diverse community built by the project and joined it as a board member. 

Doodles CEO Julian Hoguin had commented on onboarding Holloway, saying, 

“As we scale and we scale rapidly, having her as a sounding board and as a true partner is going to be invaluable because we want to be built on culture, we want to elicit joy and creativity.”

Since then, the company has also brought on singer Pharrell Williams as Chief Brand Officer in June to explore other avenues of blockchain application, such as music NFTs. Hoguin has strongly spoken out in support of music NFTs, claiming that it would introduce more people to Web3 while creating more products for the core collector base. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.