The startup behind the NFT collection Doodles has just closed its first funding round with $54 million and reached a $704 million valuation.
The funding round was reportedly led by venture capital company Seven Seven Six of Reddit co-founder Alexis Ohanian. Other participants include Acrew Capital, FTX Ventures and 10T Holdings.
According to the company, the funds will be used to help the company “scale its growth strategy and monetize its intellectual property.”
The firm has said via Twitter:
“We are using capital to quickly recruit a world-class team of engineers, creatives, marketers and managers. As well as to fund product development, technology acquisitions, media, and collector service.”