Web3 Media Company Doodles Closes $54 Million

By Annie Baker ● Sep 21, 2022
  • Doodles recently announced it closed $54 million in funding. These are the details.

Doodles recently announced it closed $54 million in funding. 

Funding amount: $54 million

Funding round: First

Valuation: $704 million

Investors: Led by Seven Seven Six, with participation from 10T Holdings, Acrew Capital, and FTX Ventures.

Founders: Evan Keast, Jordan Castro, and Scott Martin

What the funding will be used for: The investment will enable Doodles to scale its growth strategy and monetize its IP globally through ventures in the music, culture, and entertainment industries. With the expansion in mind, Doodles will be scouting top talent across various sectors such as creative, operations, and blockchain to help facilitate operations and streamline their roadmap. Additionally, Doodles will be funding product development via acquisitions and proprietary technology, media, and collector experiences.

Recent hires/board: The company appointed legendary musician and producer Pharrell Williams as Chief Brand Officer and Julian Holguin, the former President of Billboard, to lead the brand forward as Chief Executive Officer. And the company’s board of directors includes Evan Keast, Scott Martin, Jordan Castro, Julian Holguin, Katelin Holloway, and Pharrell Williams.

KEY QUOTES:

“With this capital, we aim to continue developing a new generation of engaging experiences and content using blockchain technology, including NFTs. We’re thrilled to have Seven Seven Six believe in our vision to build the largest and most coveted web3 media brand worldwide, bridging consumer, culture, and entertainment. Our mission is to redefine what it means to be a world class intellectual property.”

— Doodles Chief Executive Officer Julian Holguin

“We believe Doodles is developing the next digital frontier of how we experience and create content, unlocking the real value behind NFTs. Reimagining storytelling through the blockchain, Doodles is changing the way the world connects and interacts. We’re so excited to partner with Doodles and the team as they continue transforming what the next generation of entertainment and media looks like.”

— Katelin Holloway, Founding Partner at Seven Seven Six