Web3 Media Company Doodles Closes $54 Million

  • Doodles recently announced the closing of a $54 million funding round. These are the details.

Doodles recently announced the closing of a $54 million funding round.

Funding amount: $54 million

Funding Cycle: First

Evaluation: $704 million

Investors: Led by Seven Seven Six, with participation from 10T Holdings, Acrew Capital and FTX Ventures.

Founders: Evan Keast, Jordan Castro and Scott Martin

What the funding will be used for: The investment will allow Doodles to expand its growth strategy and monetize its intellectual property globally through businesses in the music, culture and entertainment sectors. With expansion in mind, Doodles will seek top talent across various industries such as creative, operations, and blockchain to facilitate operations and streamline their roadmap. Additionally, Doodles will fund product development through acquisitions and experiences of proprietary technologies, media and collectors.

Recent Hires/Advice: The company has appointed legendary musician and producer Pharrell Williams as chief brand officer and Julian Holguin, the former chairman of Billboard, to lead the brand as chief executive. And the company’s board of directors includes Evan Keast, Scott Martin, Jordan Castro, Julian Holguin, Katelin Holloway and Pharrell Williams.

KEY QUOTES:

“With this capital, we aim to continue to develop a new generation of engaging experiences and content using blockchain technology, including NFTs. We are thrilled that Seven Seven Six believes in our vision to build the world’s largest and most coveted Web3 media brand, connecting consumer, culture and entertainment. Our mission is to redefine what it means to be world-class intellectual property.

—Julian Holguin, CEO of Doodles

“We believe Doodles is developing the next digital frontier of how we experience and create content, unlocking the real value behind NFTs. Reinventing storytelling through blockchain, Doodles changes the way the world connects and interacts. We’re thrilled to partner with Doodles and the team as they continue to transform what the next generation of entertainment and media looks like.

— Katelin Holloway, founding partner at Seven Seven Six

Cathy W. Howerton