Pudgy Penguins Makes Bigger IP Play with $9M Raise in Seed Round Led by 1kx
In Brief
Pudgy Penguins has raised $9 million in a seed round.
More than just an NFT project, Pudgy Penguins has expanded its IP to include physical merch and events.
NFT collection Pudgy Penguins has raised $9 million in a seed round led by 1kx, with participation from Big Brain Holdings, Kronos Research, the founders of LayerZero Labs, Old Fashion Research, and CRIT Ventures.
With the new funding, Pudgy Penguin will scale its team and IP. So far, Pudgy Penguins’ IP has been licensed for live events and physical merch like hoodies and sunglasses. There is also a toy line named Pudgy Toys in the works, announced last August.
The funding comes after last week’s announcement that talent agency WME signed Pudgy Penguins for representation. Like other NFT projects that have become brands in their own right, signing with a talent agency indicates that the brand’s IP could be expanded to other media verticals like film, TV, and gaming.
Launched in July 2021, Pudgy Penguins ousted its original founders in Jan 2022 after they allegedly planned to abandon the project. In April 2022, a new leadership was announced after a group led by Los Angeles-based entrepreneur Luca Netz purchased the project along with the royalties from the original founders for 750 ETH ($2.5 million at the time). Along with his collaborator Cameron Moulène and other stakeholders, Netz assumed leadership of the Pudgy Penguin’s community, known as the “Huddle.”
As part of the deal, the new leadership was granted the rights to launch a token, conduct airdrops to other holders of the NFT series, and develop other products. This move was seen as a strategic decision to expand the Pudgy Penguins’ brand and create new opportunities for growth.
“We are thrilled to be able to continue the strong momentum we’ve built over the last year, even in a bear market,” said Pudgy Penguins head of investor relations Vi Powlis in the press release. “Today’s milestone is a testament to the vision of our strategic partners, who recognized that Pudgy Penguins is not only a Web3 brand for crypto-natives, but also an accessible IP for everyday consumers around the world, as well as our incredibly talented team.”
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About The Author
Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via cindy@mpost.io with press pitches, announcements and interview opportunities.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via cindy@mpost.io with press pitches, announcements and interview opportunities.
