Pudgy Penguins, a leading Web3 IP company and NFT collection, announced the completion of its $9 million seed round. The round was led by 1kx, an early-stage investment firm that specializes in ecosystem growth, with significant participation from Big Brain Holdings, Kronos Research, the Founders of LayerZero Labs, Old Fashion Research, and CRIT Ventures. Pudgy Penguins will use the funding from this round to scale its IP and team and enhance its offerings to its growing community.
Launched in 2021 and acquired by LA-based entrepreneur and Web3 leader Luca Netz in April 2022, Pudgy Penguins brings innovation to the Web3 space through IP utilization and community empowerment. After being acquired, Pudgy Penguins has transformed into one of the leading Web3 brands, offering its community a suite of innovative products and experiences, including opportunities to participate in live events, create content leveraging their NFTs, monetize their IP, and purchase physical toys, books, and merchandise embodying that IP. Pudgy Penguins is one of the first Web3 brands to offer major licensing opportunities to its holders.
“Pudgy Penguins is more than just an NFT project – it 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,” said Luca Netz, Chief Executive Officer of Pudgy Penguins. “With the backing of our partners and community, we are excited to create the leading Web3 IP brand of tomorrow, and to introduce Web3 to the public in a simple, seamless way.”
“We are thrilled to be able to continue the strong momentum we’ve built over the last year, even in a bear market,” said Vi Powils, Head of Investor Relations at Pudgy Penguins. “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.”