Digital soccer collectibles platform Sorare is expected to announce that it will receive $532 million in funding, valuing the Paris-based company at more than $3.8 billion, according to Business Insider.
The funding, led by SoftBank, would mark the largest round ever in the French technology sector.
The platform has several high-profile investors including Reddit co-founder Alexis Ohanian, Barcelona FC forward Antoine Griezmann, and VaynerMedia CEO Gary Vaynerchuk.
Sorare raised $50 million in February during a Series A funding round led by VC firm Benchmark.
Collectibles are continuing to be a hot commodity for investors.
- Dapper Labs, the company behind NBA Top Shot, a NFT marketplace where users buy, sell, and trade short highlights called “Moments,” was valued at $7.5 billion after completing a $305 million funding round in March.
- Rally, a pioneer in fractionalized sports collective investments, has raised more than $50 million since its launch in 2017, including a $30 million Series B round in May, led by VC firm Accel.
- Mythical Games, an NFT games startup, raised $75 million in Series B funding last month. The round led by WestCap, included a contribution from Gary Vaynerchuk’s VaynerFund.
Sorare offers players from over 130 football clubs and its goal is reportedly to add the top 20 leagues globally. A Cristiano Ronaldo collectible went for $102,000.