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Stacked, a Web3 video and livestreaming startup, has raised $12.9 million in a Series A funding round led by Pantera Capital.
Founded in March 2021, the Stacked platform aims to become a decentralized alternative to Alphabet-owned YouTube and Amazon-owned Twitch.
The newly raised capital will be used for marketing purposes alongside the acquisition of new content and further hiring and expansion into booming markets India, Latin America, and Southeast Asia.
Stacked intends to award its creators by letting them keep more of their revenue while also turning them into shareholders through a native token that can be earned in various ways.
Stacked allows its creators to stream gaming content, host watch parties and other lifestyle content while chatting with their fans. Through viewer subscriptions and donations, creators can earn fiat or crypto.
Other investors included Z Venture Capital, a merger of LINE Ventures, the Japanese messaging giant LINE, and YJ Capital, the owner of Yahoo Japan.
Noting that “with the investment, we now have more than 5+ years of runway,” Alex Lin, founder and CEO of Stacked, said on Twitter:
“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.”