NFT
Non-fungible token (NFT) collection Pudgy Penguins has announced the completion of its $9 million seed funding round led by 1kx. The company plans to use the new capital to scale up its intellectual property and team.
The funding round comes more than a year after the Pudgy Penguins project voted out its founders for allegedly draining treasury funds and failing to meet community goals. In April 2022, entrepreneur Luca Schnetzler (Netz) bought the rights to Pudgy Penguins for $2.5 million with a promise to build out the brand, which was soon accompanied by licensing deals and social media campaigns, leading the NFTs to last December. a record high were pushed. . Pudge Penguins has evolved with live events, new ways for owners to earn money and use their IP address tokens and physical goods, including books and toys.
“We are thrilled to continue the strong momentum we have built over the past year, even in a bear market,” said Vi Powlis, Pudgy Penguins chief investor relations, in the press release. “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 address for everyday consumers around the world, as well as our incredibly talented team. ”
Other investors in the round included Big Brain Holdings, Kronos Research, the founders of LayerZero Labs, Old Fashion Research and CRIT Ventures.