Crypto-focused venture capital firm Pantera Capital led the fundraise
Web3 video and livestreaming platform Stacked has raised $12.9 million in a Series A funding round led Pantera Capital. The capital will go toward marketing, content acquisition, hiring and expansion into Latin America, India and Southeast Asia.
The Stacked platform aims to provide a decentralized alternative to Alphabet-owned YouTube and Amazon-owned Twitch. Founded in March 2021, the Los-Angeles based startup wants creators to keep more of their revenue while also accruing ownership of the platform through the native governance token, which is earned through various performance metrics.
“If you actually give creators ownership over the platforms that they helped make valuable, then you really align the incentives of both the platform itself, the developers and the content creators,” Stacked founder and CEO Alex Lin said during an interview with CoinDesk.
Stacked creators can stream gaming content, host watch parties, chat with fans or host lifestyle content. Creators can earn fiat or crypto by accepting donations or subscriptions from viewers.
Governance tokens earned can be used to secure a featured spot on the main page and to negotiate a higher cut of revenue.
Investors in the funding round included GFR Fund and Z Venture Capital. Lead investor Pantera Capital had $5.8 billion in assets under management in April when the firm announced a new $200 million fund to back mature crypto companies.