Sports digital collectibles startup Sorare is rumored to be negotiating a €450 million ($532 million) round of funding, the largest single round in French history for a tech company, as reported by Business Insider. The outlet claims that sources said discussions value Sorare at $3.8 billion, and this number could surpass $4 billion. However, Sorare’s CEO Nicolas Julia denies that the funding will take place. Sorare raised $50 million in February.
In March, Dapper Labs raised $305 million at a $2.6 billion valuation. But NBA Top Shot creator Dapper is significantly larger than Sorare, its platform has far higher sales, and it is also the founder of the Flow Blockchain. However, the rumored lead investor for Sorare is SoftBank, which might explain the potential valuation.
Sorare was founded in 2018 and launched its product in 2019. The platform partners with soccer teams to launch player cards as non-fungible tokens that can be purchased and traded by fans and used to create a line up for Sorare’s weekly fantasy soccer game. In the fantasy game, users can earn cryptocurrency ETH if their line up does well.
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