Pudgy Penguins, a non-fungible token (NFT) collection, has raised $9 million in seed funding led by 1kx. The company plans to use the funds to expand its intellectual property and team. This funding round comes after the project voted out its founders for allegedly misusing treasury funds and failing to meet community goals. Entrepreneur Luca Schnetzler bought the rights to Pudgy Penguins for $2.5 million in April 2022 and has since built out the brand with licensing deals, social media campaigns, live events, and physical goods. Other investors in the round included Big Brain Holdings, Kronos Research, the founders of LayerZero Labs, Old Fashion Research, and CRIT Ventures.
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Pudgy Penguins Raises $9 Million in Seed Funding to Scale Intellectual Property and Team
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