Autograph, the $3.1 billion NFT company co-founded by Tom Brady, is merging with digital fitness company Future. As part of the merger, Mr. Brady will join Future's board of directors and serve as co-chairman.
Brady co-founded Autograph in 2021 to find a way to connect athletes and artists with fans, and ultimately launched an NFT marketplace that raised more than $200 million, according to Pitchbook. The company relaunched late last year as a platform that tracks and rewards fan engagement without an NFT component. The company had Naomi Osaka and Tony Hawk on its advisory board, and was backed by Andreessen Horowitz and Lightspeed Venture Partners.
Future, on the other hand, connects people with digital fitness coaches to build personalized fitness routines for users.
Autograph faced some challenges, especially after the cryptocurrency market crashed and the NFT market cooled. Fast Company reported that the company will undergo layoffs in 2023, at one point down to 30 employees.
Rishi Mandal, co-founder and CEO of Future, made the announcement on LinkedIn. In an interview with TechCrunch, Mandal said he met Brady through mutual friends. They discussed a partnership, but ultimately decided they should become one company, he said. All parties involved are calling this a merger rather than an acquisition, but the company will keep its Future name. While it's too early to announce new products, Mandal said Future will consider combining Autographs' celebrity connections with Future's sports mission. The goal is to find a way for people to train alongside top athletes and receive expert instruction.
According to Pitchbook, Future has raised more than $100 million to date, and its last public valuation was $275 million.
