Stacked, a live streaming platform focused on creating original content, received a $13 million Series A funding round led by Pantera Capital.
Pantera Capital has invested $12.9 million in Stacked, a streaming platform operated by its community.
Z Ventures and GFR Fund are among the investors.
Stacked, founded by Alex Lin, began as a watch-only app before transitioning to web3 streaming. After identifying a market gap, the company has since concentrated its efforts on developing a decentralized video streaming platform. The goal of Stacked is to develop an open source system for decentralized video streaming.
We recognized the enormous potential that individual contributors had to create unique video series for our platform, so we decided to compensate them.
Creators on the Stacked blockchain can use the Stacked app to stream games, host watch parties, and engage with followers. For each contribution, they receive Stacked Governanance Tokens (SGT). These SGTs provide them with voting rights on the Stacked network, allowing them to accumulate equity in the company.
“We’re excited to announce that Stack Studios, parent company of Valhalla has raised $15m over 2 rounds. Web3 is still nascent, and we see an opportunity to build one of the largest crypto companies in the world over the next decade… Having great investors allows us to create the best NFT possible before asking members to mint. There are no empty promises here, only a track record of proven results. We are redefining what quality execution means in Web3.”
Earlier this year, Staked raised $30 million in its Series A funding round. It will provide the company with cash flow for the next five to seven years.
First Round Capital, General Catalyst Partners, and Y Combinator have together invested $9 million in the startup. It intends to use the additional funding to hire more employees, launch its first product outside of North America, and grow into Latin America, Eastern Europe, and South Africa.