Pudgy Penguins secures $9 million months after CEO denied raising money, called notion ‘fake news’

Quick Take

  • Pudgy Penguins CEO Luca Netz said a story from last November saying his collection was raising up to $10 million was “all wrong information.”
  • New capital to be used to help monetize brand’s IP including merchandising.

Roughly six months after Pudgy Penguins CEO denied the NFT collection was seeking to raise up to $10 million, it has announced securing $9 million in the completion of its seed round.

The round was led by 1kx, “an early-stage investment firm that specializes in ecosystem growth,” the collection said in a statement.  Big Brain Holdings, Kronos Research, the founders of LayerZero Labs, Old Fashion Research, and CRIT Ventures also participated, according to the statement.

Last November, Pudgy Penguins CEO Luca Netz said The Block’s story that his collection sought to raise up to $10 million was “all wrong information,” and warned he would publicly brand any story on the subject “fake news.”

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The collection launched in 2021 and Netz acquired it the next year. Last week, it said Hollywood talent agency WME will represent the collection as it pursues "relationships in film, TV, and gaming."

In its funding statement, Pudgy Penguins said it would use the fresh capital to help monetize its brand's intellectual property through, in part, merchandising.


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About Author

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.

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