Pudgy Penguins Takes Bold Steps in IP Expansion with $9 Million Funding Round Driven by 1kx
In Brief
Pudgy Penguins has successfully garnered $9 million in seed funding.
More than simply an NFT project, Pudgy Penguins is broadening its brand by introducing physical merchandise and organizing live events.
The Pudgy Penguins NFT collection successfully acquired $9 million in a seed funding round, with 1kx at the helm and contributions from Big Brain Holdings, Kronos Research, LayerZero Labs' founders, Old Fashion Research, and CRIT Ventures.
Thanks to this new funding, Pudgy Penguins plans to enhance its workforce and intellectual property. Up to now, the IP has been licensed for live tournaments and physical merchandise, including hoodies and shades. There’s also a line of toys named Pudgy Toys that was revealed last August.
This financial backing follows the recent announcement of talent agency WME signing on to represent Pudgy Penguins. Similar to other NFT ventures that have transformed into established brands, signing with a talent agency this signifies a potential expansion of the brand’s intellectual property across various media formats, including movies, television shows, and gaming.
Initially launched in July 2021, the Pudgy Penguins brand ousted its original creators in January 2022 after they allegedly intended to abandon the venture. A new leadership team, headed by Los Angeles entrepreneur Luca Netz, took over in April 2022 after acquiring the project and the original creators' royalties for 750 ETH (approximately $2.5 million at that time). Alongside his partner Cameron Moulène and other stakeholders, Netz became the leader of the Pudgy Penguins community, known affectionately as the 'Huddle.'
The acquisition deal provided the new management with rights to introduce a new token, execute airdrops to other NFT holders, and create additional products. This strategy was regarded as a tactical move aimed at diversifying the Pudgy Penguins brand and unlocking new avenues for growth.
"We are excited to maintain the strong momentum we've built over the past year, even in the face of a bear market,\" stated Vi Powlis, Pudgy Penguins' head of investor relations, in a press release. \"Today's achievement reflects the vision of our strategic partners, who have recognized that Pudgy Penguins is not just a brand for crypto enthusiasts but also an approachable intellectual property for everyday consumers worldwide, along with the remarkable talent within our team.\"
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