Non-fungible token (NFT) collection Pudgy Penguins has announced the completion of its $9 million seed funding round led by 1kx. The company plans to use the new capital to scale its intellectual property and team.
The funding round comes over a year after the Pudgy Penguins project voted out its founders for allegedly draining treasury funds and failing to meet community goals. In April 2022, entrepreneur Luca Schnetzler (Netz) bought the Pudgy Penguins rights for $2.5 million with a promise to build out the brand, which soon involved licensing deals and social media campaigns, pushing the NFTs to an all-time high floor price last December. Pudge Penguins has evolved to include live events, new ways for owners to monetize and utilize their tokens and physical goods bearing the IP including books and toys.
“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 Powlis 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.”
Other investors in the round included Big Brain Holdings, Kronos Research, the founders of LayerZero Labs, Old Fashion Research, and CRIT Ventures.