1kx has led Pudgy Penguins, an NFT collection, in a $9 million seed funding round, according to recent reports. The company plans to utilize the newly raised funds to expand its team and intellectual property.
The Pudgy Penguins project was purchased by Luca Schnetzler (also known as Netz) for $2.5 million in April 2022, with a commitment to growing the brand. He introduced licensing deals and social media campaigns, which contributed to the NFTs’ floor price reaching a record high in December. Pudgy Penguins has now included live events, new monetization options, and ways for token holders to utilize their assets, as well as physical goods like toys and books bearing the brand’s intellectual property. This funding round follows the removal of the project’s founders over a year ago for allegedly misusing treasury funds and failing to meet community objectives.
“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 Powils 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.”
In the round, investments were made by Big Brain Holdings, Kronos Research, LayerZero Labs’ founders, Old Fashion Research, and CRIT Ventures.
