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

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Odaily Translator | Nian Yin Si Tang

Summary:

Summary:

- Live streaming platform Stacked has completed a $12.9 million Series A round led by Pantera Capital.

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

Stacked, a live-streaming platform owned and operated by its community, has raised $12.9 million in Series A funding, led by Pantera Capital.

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

Stacked, founded by Alex Lin, started as a "watch party" app and found success in Latin America. The startup then moved to broader Web3 streaming after seeing a gap in the market. Stacked’s goal is to free streamers and content creators from large technology platforms that have the ability to change their compensation and platform functionality “on a whim.”

Creators can broadcast live 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.

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Using the Web2 technology stack

However, Stacked didn't commit to 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 said that Stacked uses a traditional Web2 technology stack and has no immediate plans to distribute content on-chain. However, he added that if the technology reaches a point where it supports streaming, Stacked will consider switching.

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

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build in a bear market

Stacked closed its Series A funding 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 in no rush 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.