NFT Collection Doodles Raises $54M at $704M Valuation

The venture-capital firm of Reddit co-founder Alexis Ohanian led the funding round.

AccessTimeIconSep 13, 2022 at 12:56 p.m. UTC
Updated May 11, 2023 at 4:18 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Non-fungible token (NFT) collection Doodles has raised $54 million at a $704 million valuation, according to the company’s Twitter feed.

The round was led by Seven Seven Six, the venture-capital firm created by Reddit co-founder Alexis Ohanian. Doodles specializes in profile pictures.

NFTs are digital assets that represent ownership of virtual or physical assets.

“We are using the funding to rapidly acquire a world-class team of engineers, creatives, marketers and business executives. As well as to fund product development, acquisitions, proprietary technology, media and collector experiences,” the Doodles team tweeted.

The fundraising round comes during a crypto bear market that has put price pressure on the market for NFTs, digital assets like images and music with smart contracts to prove their uniqueness. The amount of U.S. dollars traded in the NFT market dropped 25% between the first and second quarters of this year, according to recent data.

Acrew Capital, FTX Ventures, the venture-capital arm of crypto exchange FTX, and 10T Holdings also participated in the funding round.

UPDATE (Sept. 13, 13:55 UTC): Corrects headline and text to say Doodles is an "NFT collection" not "NFT marketplace."


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Brandy Betz

Brandy covered crypto-related venture capital deals for CoinDesk.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.