blockworks.co
In a bid to expand its Web3 intellectual property, Pudgy Penguins has raised $9 million in a seed round with lead investor 1kx.
The popular NFT brand has expanded its IP since launching in 2021 and an acquisition by now-CEO Luca Netz in April 2022. The company announced that its Pudgy GIFs have garnered 3 billion views and its Instagram following has ballooned to hundreds of thousands.
On Discord, which often has the most dedicated community participants, the brand boasts over 40,000 members.
Netz said in a statement that Pudgy Penguins isn’t just a NFT project, heavily emphasizing the community aspect to the brand. Some 4,592 owners own the total supply of 8,888 Pudgy Penguin NFTs, a collection of images of penguins in various outfits.
“[Pudgy Penguins] is a transcendent IP brand that is providing a community of both crypto-native and non-crypto native consumers with enjoyable products, experiences, and content,” Netz said. “With the backing of our partners and community, we are excited to create the leading Web3 IP brand of tomorrow.”
Vi Powlis, head of investor relations at Pudgy Penguins, added that this latest fundraise is a sign of the company’s continued resilience in the face of a bear market.
“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,” Powlis said.
Other investors in the popular NFT and Web3 brand include Big Brain Holdings, Kronos Research, Old Fashion Research and CRIT Ventures.
Blockworks previously reported in March that Pudgy Penguins could be featured in Amazon’s forthcoming NFT marketplace.
Trading volume in the last seven days has been $3.43 million, per NFT Stats. The collection’s floor price currently stands at about 4.4 ETH (around $8,100).