Pudgy Penguins Seed Round
May 9, 2023
Hey Pengus,
Today is a very exciting day for The Huddle. Today, we are proud to announce that we have raised a $9,000,000 seed round led by 1kx with significant Participation from Big Brain Holdings, Kronos Research, the founders of LayerZero Labs, Old Fashion Research, and CRIT Ventures.
While raising, our number one goal was to make sure that once the round was complete, we would purely be amplifying the momentum we had already built and that our community and ethos would still be at the center of the brand.
It was very important to us that we observed other raises in this industry, and learned what worked and what didn’t, as well as how to position ourselves and the community for success.
We can confidently say, we have done just that.
What does this mean for Pudgy Penguins?
We want everyone to know that, in terms of the vision and ethos of Pudgy Penguins, nothing changes. What raising means for us is that we can build at a faster pace, get into the right rooms, amplify our existing launches, and continue to build in public.
Raising for us was a means to amplify our already existing momentum, and continue to build alongside the community. Now, we have the capital to grow our team, improve our experiences, and build faster.
What's the valuation?
We raised $9,000,000 through a SAFE, which means that there is no updated valuation on the books.
Through a SAFE, we achieved two important objectives: being able to continue building Pudgy Penguins our way and not putting a premature valuation on the company. Both of these points were very important to us long-term.
Closing Remarks
We want to thank our community, team, and advisors for believing in the Pudgy Penguins vision. Without you all, we would not be where we are today.
Also, we want to thank our amazing investors for being willing to work with us and our community as we tell the greatest story in Web3. The journey ahead of us is grand and we would not want to embark on it without our community, advisors, investors, and team
