Pudgy Penguins, a New York City-based Web3 IP company and NFT collection, has successfully closed a $9 million seed funding round. The investment round was led by 1kx and featured participation from Big Brain Holdings, Kronos Research, LayerZero Labs Founders, Old Fashion Research, and CRIT Ventures.
The company plans to use the funding to expand its IP, grow its team, and enhance the offerings it provides to its rapidly growing community. Pudgy Penguins was launched in 2021 and subsequently acquired by Los Angeles-based entrepreneur and Web3 leader Luca Netz in April 2022. The company is focused on innovating in the Web3 space through IP utilization and community empowerment.
Since its acquisition, Pudgy Penguins has evolved into one of the leading Web3 brands, offering its community a wide range of innovative products and experiences. These include opportunities to participate in live events, create content leveraging their NFTs, monetize their IP, and purchase physical toys, books, and merchandise that feature the IP.
To date, Pudgy Penguins has achieved more than 3 billion views on its GIFs and amassed over 500,000 followers and tens of millions of views on Instagram. Additionally, the company is set to release a toyline called Pudgy Toys, which will bring Web3 IP and blockchain technology to everyday consumers. This latest venture showcases the company’s commitment to integrating cutting-edge technology with popular culture and expanding the reach of its unique brand.
