Latham & Watkins advised Atomico on its investment in Sorare’s US$680 million Series B raise, the largest ever in the non-fungible token (NFT) space. The round was led by SoftBank, with participation from Atomico, Bessemer Ventures, D1 Capital, Eurazeo, IVP, and Liontree; and existing investors Benchmark, Accel, and Headline.
The investment, Europe’s biggest ever Series B, gives Sorare a new valuation of US$4.3 billion. Sorare has built a fantasy football (soccer) platform based on NFTs. It will use this investment to accelerate its mission to build a revolutionary gaming experience that sets a new standard for how fans worldwide connect to the clubs and players they love. Sorare will also expand into other sports so that everyone can celebrate their passion and experience the unique world of NFT fantasy sports.
The Latham team was led by London corporate partners Mike Turner and Shing Lo, Paris corporate partner Pierre-Louis Cléro, and associates Sharon Mitz and Christos Ierna.