The latest capital injection comes amid growing concerns over the project’s sudden lack of activity on Twitter (NYSE:TWTR). Notably, the Twitter announcement was the first post from the company since July 29, when it retweeted a video of one of its cofounders opening a box with a doodle toy.
Doodles, in a Twitter thread, explained that it would use the funding to expand its team from 11 to 30 people, adding that there would be opening for 18 new full-time positions, including heads of finance, business affairs and marketing, engineers, designers, and illustrators. Former Fortune 500 veteran Brandon Rosenblatt has already been brought in as its head of brand partnerships.
The investment will also be used to ramp up the company’s growth strategy, as well as monetize its intellectual property globally through ventures in the music and entertainment industries.
“All of these hires will be meticulously crafted to accomplish Doodles’ long-term goal of being the most important Web3 native entertainment brand in the world,” Doodles said.
Commenting on the fundraising, Katelin Holloway, founding partner at 776, said:
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Source: Cryptocurrency - investing.com
