Digital collectibles-focussed startup: FanCraze raises $100 Mn via Insight Partners in order to expand its Cricket Metaverse
- ByStartupStory | March 25, 2022
FanCraze, the digital collectibles-focussed startup has raised $100 Mn in a funding round led by Insight Partners, a New York-based global private equity and venture capital firm, with B Capital.
In order to fund the expansion of the startup’s metaverse across the cricket landscape for current and emerging partners, the capital raised would be used.
As the startup expands its tech-centric offering to build the overall fan experience, the funds would also be used to scale its engineering, marketing, and customer success teams.
To use the proceeds to integrate new sports relationships and to accelerate the growth of its global team, R&D lab, gaming studio, user experience team, and marketplace platform where fans can trade, buy, and craft their NFTs, has been planned by the cricked NFT startup.
FanCraze was founded by Anshum Bhambri; the founding COO of the Indian Premier League (IPL) and former CEO of Reliance Sports, Sundar Raman, and Kushagra Kohli. It has partnered with cricketers such as Rohit Sharma, Jasprit Bumrah, Muthiah Muralidaran, Ravichandran Ashwin, Andre Russell, Shikhar Dhawan, Jonty Rhodes, and Yuzvendra Chahal, for NFTs over and above its ICC partnership.
The round also saw investment from Tiger Global, Sequoia Capital India, Courtside Ventures, Coatue Management, and Cristiano Ronaldo’s CR7. It has been reported that it is one of the largest Series A rounds in Asia.
In January this year, FanCraze had made the trading marketplace live on its website. Those who own NFTs would be allowed to build a collection across a particular match or series; win an opportunity to interact with their favourite cricketers or use the NFTs across upcoming apps; trade the NFTs with fans across the globe; and play-to-earn games to earn financial rewards in the FanCraze Metaverse.
The platform, previously known as Faze Technologies, has also attracted a South Korea-based financial services company, Mirae Asset Financial Group, as a potential investor.
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