What Next For Pudgy Penguins NFT Collection Now That It Has Raised $9M In Funding?

Updated: 10 May 2023

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Pudgy Penguins, the web3 company behind the popular Pudgy Penguins non-fungible token collection, has successfully raised $9 million in a seed funding round. The NFT collection anticipates using the secured funds to further its web3 future plans.

Pudgy Penguin Raises $9M In Seed Funding Round

In a May 9 press release, the Pudgy Penguins NFT collection confirmed raising $9 million from several venture capital and other investment partners. The new seed funding round has raised Pudgy Penguin’s capital valuations to over $10 million.

We are happy to announce our $9M seed round, led by 1kx. pic.twitter.com/ozzA8rwL4H

— Pudgy Penguins (@pudgypenguins) May 9, 2023

The seed funding round was led by 1kx, an early-stage investment firm specializing in ecosystem growth. The funding initiative also saw the participation of other notable investors, including Big Brain Holdings, Kronos Research, the Founders of LayerZero Labs, Old Fashion Research, and CRIT Ventures.

Based on the information shared, Pudgy Penguins anticipates using the secured funds to scale its IP and team and enhance its offerings to its growing community. While commenting about the new funding, Luca Netz, the Chief Executive Officer of Pudgy Penguins, remarked:

“Pudgy Penguins has become more than just an NFT project. It is a transcendent IP brand that is providing a community of both crypto-native and non-crypto native consumers with enjoyable products, experiences, and content. With the backing of our partners and community, we are excited to create the leading Web3 IP brand of tomorrow, and to introduce Web3 to the public in a simple, seamless way.”

Pudgy Penguins Future NFT Plans

Launched in 2021, Pudgy Penguins is a non-fungible token collection featuring a limited edition of 8,888 NFTs on the Ethereum network. The NFT collection focuses on making the nascent Web3 sector accessible to everyone by creating innovative products that enable seamless onboarding.

Pudgy Penguins aims to revolutionize the perception of Web3 to attract the masses in the sector. The NFT collection is leading the way in creating a tight-knit community and IP utilization culture. Pudgy Penguins recently introduced Web3 IP to enlighten users about NFTs.