Fan management startup STAN secures $2.5 mn in its seed funding round
- ByStartupStory | May 26, 2022
STAN, a Bengaluru-based blockchain-based Esports fan interaction firm, has secured $2.5 million in equity capital in its recently completed seed fundraising round. The investment was headed by venture capital (VC) company General Catalyst, with participation from Better Capital and Eximius Ventures, as well as Aadil Mamujee from Opensea and Nakul Gupta from Coinbase.
Parth Chadha, the co-founder of STAN said that having great partners and investors on board, such as General Catalyst and Better Capital, will help STAN achieve its goal of creating exceptional fan experiences on the platform and driving development for the firm at all levels. And with a high future development trajectory in mind for STAN, the company is now in talks to raise more financing in the near future to support its strategic business growth, optimization, and scale-up objectives.
The funds received in this round will be used by STAN to give experiences to today’s gaming and Esports lovers throughout the world by releasing its flagship platform, as well as to collaborate extensively with a variety of top gaming organisations and players in India and other countries. At the same time, the money will allow the firm to swiftly expand its staff in the near future by bringing on world-class design and tech expertise.
Anand Chandrasekaran, the partner at General Catalyst said that Esports and Web3/NFTs are two of the fastest growing consumer categories in India in terms of amount of innovation, creative enthusiasm, and mainstream acceptance. This combination has resulted in a strong flywheel for product platforms that enable creative interaction and business models for Esports players and producers. And STAN has stood out in this arena because of their inside knowledge of Esports, understanding of market demand from both the player and fan perspectives, and an excellent team that is producing a first-class product experience.STAN was started by Parth Chadha, Akshat Rathee, Rahul Singh, Shubham Gupta, Nauman Mulla in 2022. It intends to focus largely on BGMI and FreeFire titles, with the goal of bringing communities together, driving player-fan connections, and creating collectibles and benefits including NFTs and others.
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