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STAN secures $2.5 million in seed funding round

The round was led by venture capital (VC) firm General Catalyst, alongside other VCs including Better Capital and Eximius Ventures

The amount raised in this round will be utilised by STAN to provide experiences to gaming and Esports fans worldwide
The amount raised in this round will be utilised by STAN to provide experiences to gaming and Esports fans worldwide

Bengaluru-headquartered blockchain-based Esports fan engagement startup STAN has raised an equity funding of $ 2.5 million in its recently-concluded seed funding round. The round was led by venture capital (VC) firm General Catalyst, alongside other VCs including Better Capital and Eximius Ventures; it also saw participation from Aadil Mamujee from Opensea, Nakul Gupta from Coinbase, among others. 

Having strong partners and investors such as General Catalyst and Better Capital onboard will boost STAN’s aspiration to create superlative fan experiences on the platform and to drive growth for the startup across various levels, Parth Chadha, co-founder, STAN said. “With a strong future growth trajectory envisaged for STAN, we are currently in discussions to raise more capital in the near future to support our strategic business growth, optimisation and scale-up plans,” he added further. 

The amount raised in this round will be utilised by STAN to provide experiences to today’s gaming and Esports fans worldwide by launching its flagship platform, as well as to extensively partner with a plethora of top gaming organisations and players across India and other countries in parallel. At the same time, the funds will enable the startup to grow its team rapidly in the near future by onboarding world-class design and tech talent. 

As per Anand Chandrasekaran, partner, General Catalyst, the two consumer spaces that have been among the fastest growing in India in terms of level of innovation, creator energy and mainstream adoption are Esports and Web3/NFTs. “This combination has led to a powerful flywheel for product platforms that unlock innovative engagement and business models for Esports players and creators. STAN has stood out for us in this space in terms of their inside knowledge of Esports, understanding of the market need from both the player and fan angles as well as an incredible team that is building a first-class product experience,” he stated. 

Going forward, STAN plans to focus primarily on BGMI and FreeFire titles and strive to bring together communities, drive player-fan interactions, and create collectibles and perks including NFTs, among others.

Read Also: Ready Player Me partners with blockchain-based video streaming service Mzaalo

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