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- Candy Digital
Candy Digital Acquisition, Valuation, Funding & Investors
Candy Digital was acquired by Futureverse in April 2025.
Candy Digital acquisition price
Undisclosed
Acquired by Futureverse · Apr 2025
Cumulative funding Candy Digital raised
$138M
across 2 funding rounds
Key investors in Candy Digital
New Enterprise Associates
Insight Partners
SoftBank Group
Gaingels
Galaxy Digital
Sprint Vc
ConsenSys Mesh
ConsenSys
About Candy Digital
Candy Digital is a New York-launched NFT marketplace debuted in 2021 by Fanatics for officially licensed digital collectibles. It debuted with Major League Baseball player cards and trading cards, enabling fans to purchase, trade, and display assets on blockchain. Led by CEO Scott Lawin, the platform expanded to NBA partnerships for highlight clips and memorabilia.
Founded
2021
HQ
Website
Status
Acquired
Customer focus
B2C
Revenue model
Commission
Valuation
$1.5B (Oct 2021)
Candy Digital Acquisition
Candy Digital was acquired by Futureverse for an undisclosed price on 16 April 2025.
Before the acquisition Candy Digital had raised $138M across 2 funding rounds.
Candy Digital, a New York-based NFT platform launched in 2021 by Fanatics founder Michael Rubin, Galaxy Digital founder Mike Novogratz, and Gary Vaynerchuk, specializes in digital collectibles tied to brands like Major League Baseball, DC Comics, Netflix, Warner Bros. Discovery, Getty Images, and Reebok, amassing over 4 million NFTs and 1.5 million user accounts. The company raised $100 million in Series A funding in 2021 at a $1.5 billion valuation, co-led by Insight Partners and SoftBank, followed by a Series A1 round in 2023 led by ConsenSys Mesh after Fanatics divested its 60% stake. Futureverse, a Web3, AI, and metaverse company founded in 2022 through the merger of eight firms, New Zealand's first Māori-founded unicorn with a $1 billion valuation after raising $54 million, develops tools like AI League (FIFA-licensed AI football game) and its Layer 1 blockchain The Root Network. Futureverse acquired Candy Digital in April 2025 for an undisclosed sum, primarily through equity exchange with some employee stock options convertible to cash, integrating Candy's IP library and workforce of about 25 into its ecosystem to expand headcount to 200. Strategic rationale centers on combining Candy's fandom assets with Futureverse's AI, metaverse, and blockchain tech to create immersive, interoperable experiences including loyalty programs, digital ticketing, on-chain gaming, and fan marketplaces, addressing IP concerns in AI via The Root Network. Matt Novogratz transitions to Futureverse's Chief Commercial Officer, while Candy CEO Scott Lawin becomes an adviser; investors like Galaxy Digital, ConsenSys Mesh, 10T Holdings, and Microsoft now back Futureverse. The deal positions Futureverse to revive Candy's post-NFT boom assets in a maturing digital economy, leveraging partnerships for AI-powered fan engagement amid fragmented media, with The Root Network enabling secure asset ownership, creative rights, and monetization for brands shifting to digital interactions.
| Acquirer | Date | Type |
|---|---|---|
| 16 Apr 2025 | Strategic M&A |
Candy Digital Valuation
Candy Digital is currently valued at $1.5B, based on its Series A in October 2021.
The $100M round was led by Insight Partners and SoftBank Group, with participation from New Enterprise Associates, Com2uS, Will Ventures, Gaingels and Chaos Ventures.
Candy Digital valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Oct 2021 | Series A | $1.5B |
Candy Digital Funding History
Candy Digital has raised a total of $138M across 2 funding rounds.
Candy Digital's first fundraising round was a $100M Series A in October 2021. The most recent completed round was a $38M Series A in January 2023.
Candy Digital funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2023 | Series A | ConsenSys Mesh (lead); Galaxy Digital (lead); Sprint Vc; ConsenSys; 50T Funds | $38M | - | Candy Digital is a digital collectible platform launched in 2021, focusing on officially licensed NFTs for sports and entertainment, partnering with Major League Baseball, DC Comics, Netflix, and others. It enables users to purchase, trade, and collect digital assets like sports highlights and memorabilia through a virtual storefront and secondary marketplace. Co-founded with involvement from Galaxy Digital, Gary Vaynerchuk, and initially Fanatics, the company built a library of over 4 million digital assets and 1.5 million user accounts. In January 2023, following Fanatics' divestment of its 60% stake, Candy Digital raised approximately $38.4 million in a Series A1 extension round from 14 investors, including leads ConsenSys Mesh and Galaxy Digital, along with ConsenSys, 10T Funds (or 50T Funds), and others. The round was part of a targeted $68 million equity offering to scale the platform, form new partnerships, and expand web3 capabilities for fan experiences. An earlier 2021 Series A had raised $100 million at a $1.5 billion valuation. The funding supported growth amid NFT market challenges, with CEO Scott Lawin emphasizing platform scaling. In 2025, Candy Digital was acquired by Futureverse primarily via equity, integrating its assets and ~25 employees into Futureverse's metaverse ecosystem on The Root Network, with key executives transitioning roles. Secondary market pricing in 2026 showed a preferred price around $5.78, but this reflects post-acquisition status. |
| Oct 2021 | Series A | Insight Partners (lead); SoftBank Group (lead); New Enterprise Associates; Com2uS; Will Ventures; Gaingels; Chaos Ventures | $100M | $1.5B | Candy Digital is a next-generation digital collectibles platform built on blockchain technology, allowing users to purchase, trade, and sell officially licensed sports and entertainment memorabilia in the form of NFTs. Founded as a joint venture between sports ecommerce firm Fanatics (majority owner), Galaxy Digital, and entrepreneur Gary Vaynerchuk, the company launched in 2021 with an advisory board including Michael Rubin (CEO of Fanatics), Mike Novogratz (founder and CEO of Galaxy Digital), and Gary Vaynerchuk. On October 21, 2021, Candy Digital completed a $100 million Series A financing round at a $1.5 billion post-money valuation, co-led by Insight Partners and SoftBank Vision Fund 2. The funding round included participation from Connect Ventures (a joint venture between sports agency CAA and New Enterprise Associates), Will Ventures, Gaingels, Com2Us, and Athletes Syndicate in partnership with Chaos Ventures, which featured investments from current and retired players across MLB, NFL, NBA, and NHL, as well as NFL Hall of Famer Peyton Manning. The company used the proceeds to accelerate expansion of its NFT offerings across the global sports landscape, deepen partnerships with major sports leagues including Major League Baseball, and scale its marketplace technology and creative content capabilities. At the time of the funding round, Candy Digital had recently announced plans to establish itself as part of Fanatics' broader digital sports ecosystem, which would eventually encompass trading cards, online betting, and iGaming alongside NFTs. |
Who has invested in Candy Digital?
12 investors have backed Candy Digital across its funding rounds, including New Enterprise Associates, Insight Partners, SoftBank Group, Gaingels, Galaxy Digital and Sprint Vc.
Lead investors include ConsenSys Mesh, Galaxy Digital, Insight Partners and SoftBank Group.
Candy Digital Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Lead | Jan 2023 | ||
| 1 | Lead | Oct 2021 | ||
| 1 | Participant | Oct 2021 | ||
| 1 | Participant | Jan 2023 | ||
| 1 | Participant | Oct 2021 | ||
| 1 | Participant | Oct 2021 | ||
| 1 | Participant | Jan 2023 | ||
| 1 | Lead | Jan 2023 | ||
| 1 | Participant | Oct 2021 | ||
| 1 | Participant | Jan 2023 | ||
This data is available for Pro users. Sign up to see all 12 Candy Digital investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Candy Digital
Candy Digital has acquired 1 company to date.
Last acquisition by Candy Digital was on June 29th 2023. Candy Digital acquired Palm NFT Studio for $610M.
Latest Acquisitions by Candy Digital
| Description | Palm NFT Studio is a Los Angeles-based collective partnering with artists and creators to launch NFT collections on the Palm blockchain. The studio facilitates marketplace development and tokenization of digital art, music rights, and collectibles for entertainment industry clients. |
| HQ Country | |
| HQ City | Dover, DE |
| Deal Date | 29 Jun 2023 |
| Valuation | $610M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Candy Digital acquisitions and their M&A valuation multiples. Start Free Trial | |
Candy Digital Competitors
Candy Digital competitors include listed companies like Securitize and Sharplink, and private ones like 5ire, Berachain, Boba Network and CoinList.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.5B | - | ||
| Private | - | - | $1.5B | - | ||
| Private | - | - | $1.5B | - | ||
| Private | - | - | $1.5B | - | ||
| Publicly listed | $62M | ($34M) | $1.5B | 22.2x | ||
| Publicly listed | $28M | ($734M) | $1.8B | 39.9x |
Candy Digital Public Comps
Candy Digital is no longer listed, but its public comps include Securitize, Sharplink, OSL Group, HashKey Holdings, BitGo Holdings, Indokripto Koin Semesta, Rhino Bitcoin, Stewards, Coincheck Group and Hyperliquid Strategies.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $62M | ($34M) | 25.5x | 22.2x | (46.0x) | (37910.8x) | |||
| $28M | ($734M) | 61.9x | 39.9x | (2.4x) | 141.1x | |||
| $62M | ($48M) | 16.6x | 11.3x | (21.7x) | (23.2x) | |||
| $92M | ($109M) | 6.4x | - | (5.4x) | - | |||
| $16B | ($9M) | 0.1x | 5.5x | (125.1x) | 125.4x | |||
| $16M | $7M | 36.9x | - | 81.1x | - | |||
| $478K | ($417K) | 1242.8x | - | (1423.4x) | - | |||
| - | - | - | - | - | - | |||
This data is available for Pro users. Sign up to see all Candy Digital competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Candy Digital
| When was Candy Digital founded? | Candy Digital was founded in 2021. |
| Where is Candy Digital headquartered? | Candy Digital is headquartered in New York City, NY, United States. |
| Is Candy Digital publicly listed? | No, Candy Digital was acquired by Futureverse in April 2025. |
| Who acquired Candy Digital? | Candy Digital was acquired by Futureverse in April 2025. |
| What is Candy Digital's valuation? | Candy Digital was last valued at $1.5B in its Series A in October 2021. |
| How much funding has Candy Digital raised? | Candy Digital has raised $138M across 2 funding rounds. |
| What was Candy Digital's last funding round? | Candy Digital's last funding round was a $38M Series A in January 2023, led by ConsenSys Mesh and Galaxy Digital. |
| Who are Candy Digital's investors? | Candy Digital's investors include Galaxy Digital, SoftBank Group, New Enterprise Associates, Sprint Vc, Com2uS, Will Ventures, ConsenSys, ConsenSys Mesh, Gaingels, 50T Funds and 2 others. |
| Which companies are comparable to Candy Digital? | Companies comparable to Candy Digital include 5ire, Berachain, Boba Network, CoinList, Securitize and Sharplink. |
| How many companies has Candy Digital acquired? | Candy Digital has acquired 1 company, including Palm NFT Studio. |
| What was the largest acquisition by Candy Digital? | The $610M acquisition of Palm NFT Studio in June 2023 is the largest acquisition Candy Digital has made to date. |
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