Pudgy Penguins Makes Bigger IP Play with $9M Raise in Seed Round Led by 1kx

Revealed: 9 Might 2023, 12:49 pm Up to date: 09 Might 2023, 12:49 pm

NFT assortment Pudgy Penguins has raised $9 million in a seed spherical led by 1kx, with participation from Large Mind Holdings, Kronos Analysis, the founders of LayerZero Labs, Previous Trend Analysis, and CRIT Ventures.

With the brand new funding, Pudgy Penguin will scale its staff and IP. To this point, Pudgy Penguins’ IP has been licensed for dwell occasions and bodily merch like hoodies and sun shades. There’s additionally a toy line named Pudgy Toys within the works, introduced final August.

The funding comes after final week’s announcement that expertise company WME signed Pudgy Penguins for illustration. Like different NFT initiatives which have develop into manufacturers in their very own proper, signing with a expertise company signifies that the model’s IP might be expanded to different media verticals like movie, TV, and gaming.

Launched in July 2021, Pudgy Penguins ousted its authentic founders in Jan 2022 after they allegedly deliberate to desert the mission. In April 2022, a brand new management was introduced after a gaggle led by Los Angeles-based entrepreneur Luca Netz bought the mission together with the royalties from the unique founders for 750 ETH ($2.5 million on the time). Alongside together with his collaborator Cameron Moulène and different stakeholders, Netz assumed management of the Pudgy Penguin’s group, often known as the “Huddle.”

As a part of the deal, the brand new management was granted the rights to launch a token, conduct airdrops to different holders of the NFT collection, and develop different merchandise. This transfer was seen as a strategic choice to develop the Pudgy Penguins’ model and create new alternatives for progress.

“We’re thrilled to have the ability to proceed the robust momentum we’ve constructed during the last 12 months, even in a bear market,” mentioned Pudgy Penguins head of investor relations Vi Powlis within the press launch. “Right this moment’s milestone is a testomony to the imaginative and prescient of our strategic companions, who acknowledged that Pudgy Penguins shouldn’t be solely a Web3 model for crypto-natives, but in addition an accessible IP for on a regular basis shoppers world wide, in addition to our extremely proficient staff.”