Live streaming platform Stacked completes $12.9 million in Series A financing and plans to transform into Web3 streaming

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This article is from The Block, original author: Kari McMahon

Odaily Planet Daily Translator | Nian Yin Si Tang

Summary:

- The live streaming platform Stacked has completed a $12.9 million Series A financing led by Pantera Capital.

- Stacked director explains how the platform will bring streaming to Web3 while using the Web2 technology stack.

Stacked, the live-streaming platform owned and operated by its community, has closed a $12.9 million Series A round led by Pantera Capital.

Other investors include Z Venture Capital and GFR Fund, according to a Wednesday release.

Stacked, founded by Alex Lin, started out as a "watch party" app and has found success in Latin America. The startup then turned to wider Web3 streaming after seeing a void in the market. Stacked's goal is to free streamers and content creators from large tech platforms that have the ability to change their compensation and platform features "at will."

"We saw the value that individual content creators brought to the platform and we thought, 'Wow, these streaming platforms are all worth billions of dollars, but you rarely, rarely see the individual creators that bring them to the platform value,'" Stacked director Ryan Wen said in an interview with The Block.

Creators can stream game content, host watch parties, and chat with fans on the Stacked platform. In return, they receive Stacked governance tokens corresponding to their contributions as creators, while allowing them to accumulate ownership of the platform.

Using the Web2 Technology Stack

However, Stacked didn't go all-in on Web3 all at once.

“Our view is that the current (Stacked) technology is not ready to be a fully on-chain decentralized streaming platform,” Wen said.

Wen also stated that Stacked uses a traditional Web2 technology stack and has no immediate plans to distribute content on-chain. He added, however, that Stacked would consider switching if the technology gets to the point where it supports streaming.

“We decided not to build this platform entirely on-chain because we didn’t want to compromise on user experience,” Wen said, “I think consumer tech is tricky, especially with streamers who really like their own setup and don’t like too much change.”

He added that Stacked’s governance token provides the platform’s ownership and decentralized components.

Build in a bear market

Stacked closed its Series A round in mid-April, and the new funding will give the startup five to seven years of operation, Wen said.

"We're still in build mode, and we're not in a hurry to launch if the conditions aren't right," Wen said.

According to the press release, the new funds will be used to invest in marketing, content acquisition and recruiting. The nine-person team also plans to expand into Latin America, India and Southeast Asia, capitalizing on mobile-driven users in those regions.

“In the medium to long term, we believe there are a lot of opportunities internationally, mainly because the streaming platforms in these other markets are not as established.” He further added that many of these markets are also crypto-native.

 

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