The Pudgy Penguins NFT collection, which faced controversy last year, has announced the completion of a $9 million seed funding round. The project is now set to scale its intellectual property and expand its team, marking a significant turnaround since its tumultuous past.
A waddling success story
The Pudgy Penguins NFT collection’s recent $9 million seed funding round signifies a triumphant comeback for a project that was once mired in controversy. With a renewed vision and a diverse array of offerings, the brand is poised to make a splash in the world of Web3 and beyond.
We are happy to announce our $9M seed round, led by 1kx. pic.twitter.com/ozzA8rwL4H— Pudgy Penguins (@pudgypenguins) May 9, 2023
A year of redemption for Pudgy Penguins
In April 2022, entrepreneur Luca Schnetzler, also known as Netz, bought the Pudgy Penguins rights for $2.5 million. This followed a period of turmoil during which the project’s founders were ousted for allegedly misusing treasury funds and failing to meet community goals.
Netz’s acquisition came with a promise to revitalize the brand, which led to licensing deals and social media campaigns that pushed the NFT collection to an all-time high floor price in December.
Expanding the Pudgy Empire
Under Netz’s leadership, the Pudgy Penguins project has evolved to include live events and new ways for owners to monetize and utilize their tokens. The brand has also extended into the realm of physical goods, with products such as books and toys featuring the Pudgy Penguins IP.
The brand also recently announced a partnership with Hollywood talent agency WME. The partnership aims to bring the Penguins into the mainstream entertainment agency with animated TV shows and video games.
A testament to the power of vision
Pudgy Penguins’ head of investor relations, Vi Powlis, expressed excitement in a press release, stating that the project’s momentum continues to build despite the bear market. Powlis credited the project’s strategic partners for recognizing the potential of Pudgy Penguins as a Web3 brand and an accessible IP for everyday consumers worldwide.
The seed funding round attracted a slew of investors, including 1kx, Big Brain Holdings, Kronos Research, the founders of LayerZero Labs, Old Fashion Research, and CRIT Ventures.
This information is published by the NFT News media team.
