Valued at $704M, the web3 giants aim to build and accelerate the pace of innovation through NFT products with mainstream adoption
MIAMI--(BUSINESS WIRE)--Doodles, a leading web3, media & entertainment brand, today announced the closing of $54M at a $704M valuation, a first round of financing led by Seven Seven Six, with participation from 10T Holdings, Acrew Capital and FTX Ventures.
Founded in 2021 by Dapper Labs alumni Evan Keast and Jordan Castro, along with world-renowned artist Scott Martin (Burnt Toast), the investment will enable Doodles to scale its growth strategy and monetize their IP globally through ventures in music, culture and entertainment industries. With expansion in mind, Doodles will be scouting top talent across various sectors such as creative, operations, and blockchain to help facilitate operations and streamline their roadmap. Additionally, Doodles will be funding product development via acquisitions and proprietary technology, media, and collector experiences.
“With this capital, we aim to continue developing a new generation of engaging experiences and content using blockchain technology, including NFTs,” said Doodles Chief Executive Officer Julian Holguin. “We’re thrilled to have Seven Seven Six believe in our vision to build the largest and most coveted web3 media brand worldwide, bridging consumer, culture, and entertainment. Our mission is to redefine what it means to be a world class intellectual property.”
“We believe Doodles is developing the next digital frontier of how we experience and create content, unlocking the real value behind NFTs,” said Katelin Holloway, Founding Partner at Seven Seven Six. “Reimagining storytelling through the blockchain, Doodles is changing the way the world connects and interacts. We’re so excited to partner with Doodles and the team as they continue transforming what the next generation of entertainment and media looks like.”
Proskauer served as Doodles’ primary advisor and led Doodles through its first-ever round of financing and corporate structuring. In a very unique industry and moment in time, Proskauer's expertise in investment transactions played a pivotal role in guiding the Doodles team through the deal process and setting up strong partnerships between Doodles and its investors.
Most recently, the company appointed legendary musician and producer Pharrell Williams as Chief Brand Officer and Julian Holguin, the former President of Billboard, to lead the brand forward as Chief Executive Officer. Their board of directors include Evan Keast, Scott Martin, Jordan Castro, Julian Holguin, Katelin Holloway and Pharrell Williams. In the next six months, Doodles will launch several products, including their mainstream NFT experience meant for mass adoption.
About Doodles
Doodles is a joyful collection of 10,000 NFTs co-founded by digital artist Burnt Toast and Web3 pioneers Evan Keast and Jordan Castro. Since its launch in October 2021, Doodles has quickly become one of the most beloved collections since the birth of NFTs, thanks to its inclusive characters, colorful world, and passionate community––combined with its innovative roadmap. Notable collectors include Justin Bieber, Future, Gary Vee, Snoop Dog, Fat Joe, Kygo, Diplo, Steve Aoki, Pranksy, and others.
About Proskauer
With a full-service legal offering, we represent leading companies, organizations and individuals in solving their most critical business and legal issues. We help our clients build skyscrapers, purchase sports teams and restructure Fortune 500 corporations. We fight for them in court, achieve strategic settlements and negotiate at the arbitration table. When it comes to headline-making matters, we are dedicated to delivering business-savvy solutions to meet each client’s definition of success.
Contacts
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doodles@the5thcolumnpr.com