Web3 IP company Pudgy Penguins has recently concluded a seed funding round, raising $9 million from various sources to expand its IP beyond just NFTs.
The funding was led by 1kx, an investment firm specializing in early-stage opportunities. It has assisted the funding of numerous NFT projects like Sleepagotchi and Kong, as well as other decentralized platforms such as Impossible Cloud, a decentralized cloud storage solution based in Germany, and blockchain scaling project Sovereign Labs.
Other notable participants included Big Brain Holdings, Kronos Research, the founders of LayerZero Labs, Old Fashion Research and CRIT Ventures.
Pudgy Penguins also plans to expand its team while enhancing its offerings to meet the growing demands of its community. It aims to redefine the Web3 experience with its NFT collection and accessible user onboarding.
We are happy to announce our $9M seed round, led by 1kx. pic.twitter.com/ozzA8rwL4H
— Pudgy Penguins (@pudgypenguins) May 9, 2023
“Pudgy Penguins is 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,” Pudgy Penguins CEO Luca Netz said about the company’s mission.
The company’s NFT collection, based on its trademarked name, goes beyond digital art and provides an immersive experience for holders.
Through its various collection, Pudgy Penguins allows holders to participate in live events, generate content using their NFTs, monetize their intellectual property and acquire physical merchandise related to their NFTs.
The collection that features 8,888 unique NFTs has achieved significant success, amassing a trading volume of approximately $295.6 million in ETH.
With its unique approach, Pudgy Penguins has emerged as a leading brand offering substantial licensing opportunities to NFT holders.
Acquired by Netz in April 2022, the company allows its community to utilize its NFTs for branded merchandise and toys, solidifying its position in the market.
Expanding community and ecosystem
Pudgy Penguins boasts a large and engaged community, with over 450,000 followers on Instagram and its GIFs garnering over 3 billion views.
The company will soon launch Pudgy Toys, a toy line that will further enrich its ecosystem and expand its brand reach to home consumer products.
Peter Pan, a Partner at 1kx, expressed his confidence in Pudgy Penguins’ potential to revolutionize the Web3 experience.
“Pudgy Penguins is curating a unique, thoughtful, and fun community for NFT holders that makes the Web3 experience inclusive, unintimidating, and user-friendly,” said Pan.
The investment firm is also proud to support the team in building a brand with mass adoption potential.
“As a community-driven brand that embraces creative and innovative ideas and collaborations, Pudgy Penguins is well-positioned to redefine how we think about digital asset IP. We are proud to support Pudgy Penguins’ strong team as it works to build a mass-adoptable brand,” Pan said.
Kasey, a Partner at Big Brain Holdings, highlighted the company’s pivotal role in fostering a closely-knit community and leveraging intellectual property.
“Their thesis of building an IP company, and the growth that has already taken place, is exactly what the Web3 space needs to reach new heights,” she said.
Pudgy Penguins sets itself apart in the Web3 landscape by transcending the traditional NFT project and evolving into a transcendent IP brand.
By providing enjoyable products, experiences and content, the company caters to both crypto-native and non-crypto-native consumers, making Web3 more accessible and inclusive.
