Sports apparel and memorabilia firm, Fanatics, divested its ownership stake in Sports-focused company Candy Digital earlier this month. Following the reports, Candy Digital announced a Series A extension funding, with a new SEC filing providing the financial details.
Candy Digital was launched in 2021 with the mission of accelerating fandom with digital collectibles and experiences. Set up by Galaxy Digital, with Gary Vaynerchuk and Fanatics, it raised $100 million in a series A funding round at a $1.5 billion valuation.
However, crypto winter hit hard last year and it was swept with some unnerving challenges in the web3 world. NFTs lost their sheen and macroeconomic stimulants were lying low. Back in November, it announced a massive layoff and chopping of 33% of its workforce to face the onslaught. Just as the company downsized to weather the storm, more bad news followed. Candy Digital’s majority stakeholder announced the sale of its 60% share in the organization. New updates…
