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The firm said it will use the money from the raise to further enhance its intellectual property.

On Tuesday, nonfungible tokens (NFTs) collection Doodles announced that it had raised $54 million at a $704 million valuation in a funding round led by Seven Seven Six, with participation from 10T Holdings, Acrew Capital and FTX Ventures. As told by Doodles, the investment will allow it to scale its growth strategy and monetize its intellectual property globally through ventures in the music, culture and entertainment industries.

Doodles is a collection of 10,000 NFTs co-founded by digital artist Burnt Toast and Web3 pioneers Evan Keast and Jordan Castro. Artistically, it is known for its colorful world and joyful cartoon character portraits of skeletons, cats, aliens, apes and mascots minted on the Ethereum blockchain. NFTs in the collection are generated from hundreds of traits and hand-drawn. Blockchain development software firm Dapper Labs founded the company in 2021.

Earlier in March, Doodles invited its NFT holders to an exclusive experience at the South by Southwest festival in Texas. Users could visit Doodles-themed venues to buy a drink, get Doodles painted on their nails, order refreshments and display their NFTs throughout the exhibit. 

Regarding the new fundraise, Katelin Holloway, founding partner at Seven Seven Six, said:

"We believe Doodles is developing the next digital frontier of how we experience and create content, unlocking the real value behind NFTs. Doodles is changing how the world connects and interacts by reimagining storytelling through the blockchain."

Since its launch in October 2021, the Doodles collection has surpassed 148,500 Ether (ETH) traded on OpenSea with a floor price of 8.4 ETH. Notable collectors include Justin Bieber, Future, Gary Vee, Snoop Dog, Fat Joe, Kygo, Diplo, Steve Aoki and Pranksy.