Seven Seven Six, Reddit co-founder Alexis Ohanian’s fund, led Doodles’s first round. The company said the raise values it at US$704 million. Crypto exchange FTX’s venture arm, 10T Holdings and Acrew Capital also participated. (The Logic)

Talking point: Jordan Castro and Evan Keast, former leads at Vancouver’s Dapper Labs,  launched Doodles with Canadian illustrator Scott Martin—the artist currently known as Burnt Toast—in October 2021, when NFT sales were skyrocketing. In May, the firm hired Miami-based Julian Hogun away from a role as Billboard’s president to serve as CEO. Doodles’ doodles haven’t escaped this year’s NFT price collapse, but it’s planning to use the new capital for Web3 expansions into music and other entertainment. It’s also experimented with taking its exclusive cartoon club into the real world, and with commerce. Doodles was a test case for Shopify’s tokengated commerce tool, which allows the Ottawa-headquartered firm’s merchants to offer special product drops or experiences to shoppers based on the contents of their crypto wallets.