Sorare (Markdown)
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Sorare, founded in Paris in 2018 by Nicolas Julia and Adrien Montfort, built an NFT-based fantasy football platform: players collect officially licensed digital cards of real footballers (Limited, Rare, Super Rare and Unique scarcities) and compete in fantasy lineups scored on real-world performances. Revenue comes from issuing and selling new cards. In September 2021 SoftBank's Vision Fund 2 led a $680 million Series B valuing the company at $4.3 billion — the largest Series B ever raised by a European startup at the time — with participation from Atomico, Bessemer, D1, Eurazeo, IVP, Benchmark, Accel and others. The platform expanded into the NBA and MLB and signed leagues including the Premier League, La Liga, the NBA and the NFL.
02 / Sorare (Markdown) FAILURE REASONS
Failure reasons
The NFT market collapse after 2021 crushed demand for Sorare's cards while the company was locked into enormously expensive league licensing deals — reported commitments of more than €500 million with La Liga, the Premier League, the NBA and the NFL plus club sponsorships (PSG, Arsenal). Revenue fell from a reported €143 million in 2022 to €59 million in 2023 (down 59%) with reported EBITDA losses of €200 million, then to €43 million in 2024. The company cut 13% of staff in March 2024, shuttered its New York office, cut licensing costs fivefold, and reduced headcount by another 35% in November 2025 as it pushed for profitability by 2027. Regulatory pressure added strain: the UK Gambling Commission prosecuted Sorare for providing unlicensed gambling in the UK, and the Premier League froze a £10 million payment in a dispute over its £30 million-a-year licensing deal.
03 / EVENT HISTORY
Events in the structured record
- Founded
Nicolas Julia and Adrien Montfort found Sorare in Paris; the NFT fantasy football platform launches in 2019.
- Series B at $4.3B
SoftBank Vision Fund 2 leads a $680 million Series B at a $4.3 billion valuation — the biggest Series B in European startup history at the time.
- Revenue collapse
Reported revenue falls 59% to €59 million with EBITDA losses of €200 million, per a French media investigation; the NFT market downturn meets unsustainable league licensing costs.
- Layoffs
Sorare lays off 13% of staff in March 2024; closes most of its New York operations; revenue falls further to a reported €43 million.
- Restructuring
Company cuts 35% of its workforce in November 2025, centralises operations in Paris, moves its games and NFTs to Solana; UK Gambling Commission prosecution proceeds.
- New raise at lower terms
On September 3, 2026 Sorare raises tens of millions of euros from existing investors (Benchmark, Accel, Partech) at undisclosed, reportedly much lower terms, aiming for profitability by end-2027; net revenue reportedly rises 85% year-on-year in H1 2026.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
Founded 2018, Paris, by Nicolas Julia and Adrien Montfort.
- 02
Sep 2021: $680M Series B at $4.3B valuation (SoftBank Vision Fund 2).
- 03
2023: revenue falls 59% to €59M, reported EBITDA loss €200M.
- 04
Mar 2024: 13% layoffs; 2025: 35% workforce cut, Paris centralisation.
- 05
Sep 2026: new round (tens of €M) at undisclosed terms; targets profitability by end-2027.