Hogan Lovells advises Accel and Eurazeo on Sorare's record $680 million Series B

Hogan Lovells advises Accel and Eurazeo on Sorare's record $680 million Series B

Press releases | 22 September 2021

Hogan Lovells has advised Accel, Eurazeo and various investors on Sorare's record $680 million Series B, valuing it at $4.3 billion.

Founded in October 2018, Sorare has developed a global fantasy football game launched in 2019. The game allows fans to buy and trade player cards in the form of NFTs, non-fungible tokens, and use them to create teams to compete in the company's weekly fantasy football game. Users can earn Ethereum crypto-currency if their line-up performs well. The company's business is expected to reach about $200 million in revenue and $100 million in sales by the end of the year.

The fundraising round brought together several funds (Atomico, Bessemer Ventures, Blisce, D1 Capital, Eurazeo, IVP and Liontree), as well as the historical investors (Benchmark, Accel, Partech) who had already enabled the company to raise € 40 million in March.

This series B round is the largest fundraising in the history of French Tech and also the largest series B ever carried out in Europe. Three years after its creation, the start-up is valued at $ 4.3 billion.  

This fund raising will allow the company to continue its development, particularly internationally, to recruit new talents, to launch a mobile application and to expand into new sports. Sorare will open an office in the US to prospect and convince the leagues of the four major sports (NFL, NBA, MLB and NHL). Reuters estimates that this market should reach $48 billion by 2027, while the sports card market will be worth $ 5 billion.

The Hogan Lovells team consisted of Matthieu Grollemund, Hélène Parent (partners) and Madalina Asandului, Gautier Valdiguié and Thomas Gluzman (associates).