Pudgy Penguins has made a major announcement, informing the community that it has successfully concluded the $9 million seed round. It was led by 1kx with the objective of helping Pudgy Penguins in scaling its IP segment and the team. Another objective of the seed round is to enhance its offerings so as to meet the rising demands of the community.
We are happy to announce our $9M seed round, led by 1kx. pic.twitter.com/ozzA8rwL4H
— Pudgy Penguins (@pudgypenguins) May 9, 2023
1kx is an early-stage investment firm. It was accompanied at the seed round by other significant participants. The list includes Kronos Research, Big Brain Holdings, and angels like Bobby Ong, Adan Winnick, & TM Lee.
Pudgy Penguins was launched in 2021 and has been quick enough to build a reputation of its own. Luca Netz acquired the venture in April 2022, following which Pudgy Penguins has only climbed the ladder in the industry.
A similar tone has been echoed by Peter Pan from 1kx, wherein they have acknowledged the efforts of Pudgy Penguins in creating a thoughtful and unique community of NFT holders by offering them an experience that is user-friendly and unintimidating. Peter Pan further added that 1kx is a community-driven brand that deeply aligns itself with the creative and innovative perspective of the market.
Lastly, Peter has said that they are proud to support Pudgy Penguins in their endeavor to build a brand that can be adopted by the masses.
A community-driven brand indeed, Pudgy Penguins has registered over 500,000 followers on Instagram and has surpassed the count of 10 million in viewership on the social media platform. Its GIFs have been seen by more than 3 billion people. Plus, what makes Pudgy Penguins an interesting player in the market is the fact that it was one of the first to facilitate Web3 IP in the NFT community.
Moving forward, Pudgy Penguins is aiming to launch Pudgy Toys, a toyline that combines blockchain technology and Web3 IP, taking them to everyone’s homes in a manner that no one has ever seen.
Vi Powils from Pudgy Penguins has acknowledged the strong momentum built by the brand. The Head of Investor Relations has said that they were able to do so despite the market running amid a bearish scenario.
Vi has called the $9 million seed round a testament to the vision of the strategic partners who look up to Pudgy Penguins as not just a Web3 brand but also as an IP that can be accessed by everyone.
Luca Netz, the Chief Executive Officer of Pudgy Penguins, has defined the venture as a transcendent IP brand that is focused on providing products and experiences to crypto and non-crypto users.
Pudgy Penguins is now focused on becoming a leading IP brand in the Web3 sphere by introducing the technology to the public in a seamless manner.
The community of Pudgy Penguins gets to participate in live events, create content through their NFT holdings, and monetize their IP. Pudgy Penguins is one of the few Web3 IP brands to offer licensing opportunities to its holders.