Pudgy Penguins Raises $9 million Seed Round led by 1kx to Build the Next Great IP Company

Round Led by 1kx, With Significant Participation from Big Brain Holdings, Kronos Research, the founders of LayerZero Labs, Old Fashion Research and CRIT Ventures, alongside notable angels including Adam Winnick, Bobby Ong & TM Lee from Coingecko

NEW YORK–(BUSINESS WIRE)–Pudgy Penguins, a leading Web3 IP company and NFT collection, today announced the completion of its $9 million seed round. The round was led by 1kx, an early-stage investment firm that specializes in ecosystem growth, with significant participation from Big Brain Holdings, Kronos Research, the Founders of LayerZero Labs, Old Fashion Research, and CRIT Ventures. Pudgy Penguins will use the funding from this round to scale its IP and team and enhance its offerings to its growing community.

Launched in 2021 and acquired by LA-based entrepreneur and Web3 leader Luca Netz in April 2022, Pudgy Penguins brings innovation to the Web3 space through IP utilization and community empowerment. After being acquired, Pudgy Penguins has transformed into one of the leading Web3 brands, offering its community a suite of innovative products and experiences, including opportunities to participate in live events, create content leveraging their NFTs, monetize their IP, and purchase physical toys, books, and merchandise embodying that IP. Pudgy Penguins is one of the first Web3 brands to offer major licensing opportunities to its holders.

“Pudgy Penguins is more than just an NFT project – it is a transcendent IP brand that is providing a community of both crypto-native and non-crypto native consumers with enjoyable products, experiences, and content,” said Luca Netz, Chief Executive Officer of Pudgy Penguins. “With the backing of our partners and community, we are excited to create the leading Web3 IP brand of tomorrow, and to introduce Web3 to the public in a simple, seamless way.”

“We are thrilled to be able to continue the strong momentum we’ve built over the last year, even in a bear market,” said Vi Powils, Head of Investor Relations at Pudgy Penguins. “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.”

So far, Pudgy Penguins has done an incredible job of building a mass-adoptable brand. From garnering over 3 billion views on its GIFs to reaching 500,000 followers and tens of millions of views on Instagram, Pudgy Penguins has already introduced Web3 IP to those that may not even know what NFTs are. In addition to their impressive marketing powerhouse, Pudgy Penguins is releasing a toyline, Pudgy Toys, that brings Web3 IP and blockchain technology into the homes of everyday consumers, in a way that has never been seen before.

“Pudgy Penguins is curating a unique, thoughtful, and fun community for NFT holders that makes the Web3 experience inclusive, unintimidating, and user-friendly,” said Peter Pan, Partner at 1kx. “As a community-driven brand that embraces creative and innovative ideas and collaborations, Pudgy Penguins is well-positioned to redefine how we think about digital asset IP. We are proud to support Pudgy Penguins’ strong team as it works to build a mass-adoptable brand.”

“Pudgy Penguins is leading the way in creating a culture of tight-knit community and IP utilization. Their thesis of building an IP company, and the growth that has already taken place, is exactly what the Web3 space needs to reach new heights,” said Kasey, Partner at Big Brain Holdings. “By creating mass adoption, not waiting for it, Pudgy Penguins is revolutionizing the perception of Web3.”

As Pudgy Penguins continues to grow into an undeniable, top brand, and they continue to be leaders in the Web3 space, its NFT holders will reap the benefits of owning a piece of the IP that underlies the Pudgy Penguins brand. To learn more and join the Pudgy Penguins community, visit pudgypenguins.com.

About Pudgy Penguins

Pudgy Penguins is dedicated to making Web3 accessible to everyone by creating innovative products that enable seamless onboarding. Their focus on community empowerment and building brand awareness has made them the leading IP in the Web3 space. They’re committed to impacting the everyday consumer and shaping the future of Web3 and beyond. Visit pudgypenguins.com to learn more.

Contacts

Carissa Felger/Sam Cohen

Gasthalter & Co.

(212) 257-4170