Blockchian-based esports fan engagement startup STAN, on Wednesday said it has secured seed funding of $2.5 million (around Rs 19 crore) led by General Catalyst.
The round also saw participation from Better Capital and Eximius Ventures, along with angel investors including Aadil Mamujee from Opensea and Nakul Gupta from Coinbase, among others.
The Bengaluru-headquartered startup plans to deploy the fresh capital to provide better experiences to today’s gaming and esports fans worldwide, as well as to strike partnerships with top gaming firms and players across India and globally.
"Our novel idea and product serve as a rock-solid foundation for STAN, we are attempting not just to enhance overall engagement in the esports fan ecosystem, but also to allow the creators and players to unlock new and innovative ways to interact with their fans, provide collectibles and NFTs and build thriving communities around popular esports titles and games," said Parth Chadha, Co-Founder, STAN.
“ The STAN team has already locked significant partnerships with numerous popular esports creators and organizations, and further many more such partnerships are on the cards. 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, optimization and scale-up plans," Chadha added.
Through STAN, various gaming creators and esports players get to collect, play and engage with their favourite esports and gaming-related collectibles and earn perks and rewards.
Users can also get signed merchandise from celebrities, get a chance to visit their favorite creators’ or streamers’ boot camps, meet them on Instagram lives, and join them one-on-one on clubs on STAN, among others, the company said in a statement.
“The two consumer spaces that have been among the fastest-growing in India in terms of the 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," said Anand Chandrasekaran, Partner, General Catalyst.
