Non-fungible token (NFT) marketplace developer FanCraze is raising nearly $100 million (about Rs 760 crore) in new funding with investors reportedly including global football icon Cristiano Ronaldo. The Series A round, led by venture capital firms Insight Partners and B Capital Group, is expected to be completed in the coming weeks and may see a change in size over time.
FanCraze, formerly known as Faze Technologies, has also included South Korea-based financial services company Mirae Asset Financial Group as a potential investor.
FanCraze is in its early stages but has solidified its footprint in the $44 billion NFT market. The platform launched its marketplace in January along with its first pack of NFTs.It partnered with the International Cricket Council, the sport’s official governing body.
The platform creates its exclusive NFTs on the Flow blockchain.
FanCraze’s latest fundraise follows a $17.4 million seed round in 2021 led by Tiger Global Management. The round included Coatue, Sequoia Capital India, and Dapper Labs.
An announcement could be made as soon as in the coming weeks, another person said. Details of the fundraising such as size could still change as deliberations continue, the people said. Representatives for B Capital, Insight and FanCraze declined to comment, while a representative for Mirae Asset didn’t immediately respond to a request for comment.
A media representative for Manchester United, Ronaldo’s football club, didn’t immediately respond to an emailed request for comment outside normal business hours. FanCraze was co-founded by Stanford University alumnus and former investment banker Anshum Bhambri and two others in 2021.
Fancraze was co-founded by Stanford University alumnus and former investment banker Anshum Bhambri and two others in 2021. The startup sealed a partnership with the International Cricket Council, the sport’s official governing body, to create exclusive cricket non-fungible tokens on the Flow blockchain. FanCraze released its first packs of NFTs and launched the marketplace in January, according to its website.
Last year, FanCraze raised $17.4 million in seed funding led by Tiger Global Management, with participation from Coatue and Sequoia Capital India as well as Dapper Labs, a press release on Dapper’s website shows.