FanCraze, a non-fungible token (NFT) marketplace developer, is raising approximately $100 million (approximately Rs. 760 crore) in new funding from investors, reportedly including global soccer icon Cristiano Ronaldo. The Series A round led by venture capital firms Insight Partners and B Capital Group is expected to close in the coming weeks and could change in size as talks continue. Formerly known as Faze Technologies, the platform has also attracted South Korea-based financial services company Mirae Asset Financial Group as a potential investor.
According to a Bloomberg report, the financial details and a firm vision for fun have yet to be made official by FanCraze or the companies involved in the funding round.
Founded in 2021, FanCraze was co-founded by Stanford University alumnus and former investment banker Anshum Bhambri and two others.
The company’s journey into digital cricket collectibles came to life after partnering with the International Cricket Council (ICC) to develop a Cricket NFT marketplace. This coincided with FanCraze landing $17.4 million (approximately Rs. 132 crore) in a seed fundraising round.
A press release on Dapper’s website showed that the $17.4 million (approximately Rs. 132 crore) raised in seed capital was led by Tiger Global Management, with participation from Coatue and Sequoia Capital India and Dapper Labs last year. .
FanCraze CEO Anshum Bhambri stated at the time, according to a CoinDesk report, that the company’s mission is to “create the metaverse of cricket”. The platform is built on Flow, the same blockchain network that runs NBA Top Shot, the digital collectibles platform that gained a lot of traction last year.
According to its website, FanCraze released its first packs of NFTs and launched it in January. These NFTs capture some of the game’s most iconic moments, including MS Dhoni taking India to victory in the 2011 World Cup with a six at Wankhede Stadium, South Africa’s infamous fumble against Australia, the unforgettable six sixes from Yuvraj Singh and Sachin Tendulkar hitting the ball out of the park in a stand-off against Pakistan in the 2003 World Cup.
