skip to Main Content
bitcoin
Bitcoin (BTC) $ 97,846.22 1.45%
ethereum
Ethereum (ETH) $ 3,409.46 3.42%
tether
Tether (USDT) $ 1.00 0.05%
solana
Solana (SOL) $ 255.46 0.03%
bnb
BNB (BNB) $ 650.15 3.91%
xrp
XRP (XRP) $ 1.46 0.47%
dogecoin
Dogecoin (DOGE) $ 0.425333 5.81%
usd-coin
USDC (USDC) $ 1.00 0.01%
cardano
Cardano (ADA) $ 1.05 7.20%
staked-ether
Lido Staked Ether (STETH) $ 3,408.31 3.55%

NFT Project Pudgy Penguins Raises $9M

CoinDesk - Unknown

Brandy covers crypto-related venture capital deals for CoinDesk.

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 its intellectual property and team.

The funding round comes over 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 Pudgy Penguins rights for $2.5 million with a promise to build out the brand, which soon involved licensing deals and social media campaigns, pushing the NFTs to an all-time high floor price last December. Pudge Penguins has evolved to include live events, new ways for owners to monetize and utilize their tokens and physical goods bearing the IP including books and toys.

“We are thrilled to be able to continue the strong momentum we’ve built over the last year, even in a bear market,” said Pudgy Penguins head of investor relations Vi Powlis 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 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.

Edited by Stephen Alpher.

DISCLOSURE

Please note that our

privacy policy,

terms of use,

cookies,

and

do not sell my personal information

has been updated

.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a

strict set of editorial policies.

CoinDesk is an independent operating subsidiary of

Digital Currency Group,

which invests in

cryptocurrencies

and blockchain

startups.

As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of

stock appreciation rights,

which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG

.

CoinDesk - Unknown

Brandy covers crypto-related venture capital deals for CoinDesk.


Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


CoinDesk - Unknown

Brandy covers crypto-related venture capital deals for CoinDesk.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top