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Reddit's Ohanian, FTX Ventures Join $54M Raise in NFT Project Doodles

The Doodles NFT project has now hit a $704 million valuation following the latest fundraise.

2 min read
Doodles is a popular Ethereum NFT project. Image: Doodles

Popular NFT project Doodles has announced a $54 million fundraise led by Alexis Ohanian’s venture capital firm 776, with additional participation from Acrew Capital, FTX Ventures, and 10T Holdings. 

Since minting in October 2021, the 10K NFT collection has become known for its bright-colored, pastel-toned characters ranging from humans and flame-heads to skeletons. 

Having already penned a deal during this year’s NFT NYC to make musical icon Pharrell Williams their new Chief Brand Officer, and after recently deploying its popular second collection, “Doodles 2,” the NFT collection now has fresh funds to continue its expansion.

The raise will be allocated toward the team’s strategic growth and the development of brand and technological reach. 

On the hiring front, Doodles have outlined its vision to expand the core team from 11 to 30 employees, including a suite of managerial roles, including Head of Finance, Head of Business Affairs, Head of Marketing, and Social Media Manager, among others. 

As for the evolution of the Doodles brand, a tweet from late-June showcased ambitious desires to expand into the mediums of music, animation, consumer products, gaming, IP partnerships, and events and attractions. 

Catching up with Doodles

Ohanian's firm first hinted at today's investment back in June. Alongside news that Pharrell would be Doodles' official brand rep, 776 also teased that it had led the project's inaugural funding round back in June.

In a video message during NFT NYC, Ohanian said that his firm  would help "take all the work they've done so far and bring it to another level, scale it even further." Seven Seven Six co-founder Katelin Holloway joined Doodles' board, along with Williams, as well.

According to data pulled from Crypto Slam, Doodles is the eleventh-largest NFT project by sheer sales volumes. Since its launch in October 2021, the collection has generated over $524 million in sales on the Ethereum network across more than 13,300 buyers.

The highest value piece in the collection is Doodle #6914, which sold for 296.69 Ethereum, or roughly $1.1 million at today's prices. The owner is serial NFT collector Pranksy.

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