Orrick advised Sorare, a developer of an NFT (non-fungible token)-based fantasy football game, on its $680 million Series B financing round, bringing its valuation to $3.8 billion. The funding, led by SoftBank, marks the largest round ever in the French technology sector and the largest Series B ever in Europe.
A gaming company created in 2018 by two football fans (Nicolas Julia and Adrien Montfort) and endorsed by world-class football (“soccer”) players (Gerard Piqué, Antoine Griezmann and Rio Ferdinand), Sorare offers an online fantasy football platform for enthusiasts to create teams and exchange and buy virtual players through the use of NFT limited digital collectible cards. With this new step, Sorare continues to grow and expand into new markets, including in the United States. The company plans to partner with the top 20 football leagues across the globe and expand into other sports to strengthen its position in NFT-based fantasy sports.
“It is extraordinarily exciting to see Sorare emerge as a leader in the sportstech market – and a true honor to support Nicolas and Adrien in their success,” said Benjamin Cichostepski-Lesage, Lead Partner Orrick TCG France. “This multiple record-breaking deal marks yet another milestone in emergence of the French tech ecosystem – and we look forward to supporting the Sorare team as they continue on this exciting trajectory.”
Orrick is the #1 law firm in Europe for venture capital financings and the most active in combined deals (VC/PE/M&A), according to Pitchbook. Orrick offers unique cross-border expertise for innovative French companies looking to raise capital from top investors and to scale their businesses internationally. Over the last few months, Orrick France TCG was involved in some of the biggest French Tech deals, advising: Alan on its $220 million Series D, Algolia on its $150 million Series D, Botify on its $55 million Series C, Cajoo on its $47 million Series A, Dataiku on its $400 million Series E, Luko on its $85 million Series B, Payfit on its $107 million Series D, Idinvest Partners and Bpifrance Large Venture on Ornikar’s $120 million Series C.
Orrick has developed a deep expertise in NFTs - digital assets that represent real-world objects like art, music, in-game items and videos and are built on the Ethereum blockchain. For example, Orrick recently advised OpenSea, the largest NFT marketplace, on its $100 million Series B financing round, as well as the United States Tennis Association on the launch of its 2021 US Open Tennis Championships NFT collection.