Quick take:
- Metatheory has completed a $24 million funding round led by Andreessen Horowitz.
- The tech-driven technology startup plans to use the funds to build blockchain games.
- The funding round also attracted the participation of Pantera Capital and FTX Ventures, among others.
Twitch co-founder Kevin Lin has raised $24 million in a Series A round for his tech-driven entertainment startup Metatheory. Top Silicon Valley venture capital firm Andreessen Horowitz (a16z) led the fundraising, with Pantera Capital and FTX Ventures also participating.
Other notable participants in the round included Breyer Capital, Merit Circle, Recharge Thematic Ventures, Dragonfly Capital Partners, Daedalus, Sfermion, and Global Coin Research.
Metatheory plans to use the funds to build immersive blockchain games, tapping onto the metaverse craze.
Commenting on his company’s successful Series A round, Kevin Lin, CEO of Metatheory said: “Building immersive digital experiences has always been a passion of mine, and after stepping away from Twitch to explore what’s next in the industry, I truly believe blockchain will open the door to even more possibilities and have a major impact in the gaming, storytelling and community building space.”
Lin lauded his team’s dedication to embracing blockchain technology as part of Metatheory’s goal to enhance customer experience and promote shared ownership.
The company plans to launch several metaverse products in due course, but at this moment, it is leveraging the expansive growth of blockchain gaming as a stepping stone to Web3 experiences. It is focused on building franchises with strong IP that will outlive the games themselves.
Jonathan Lai of Andreessen Horowitz highlighted Metatheory’s unique approach to Web3 gaming saying: “Metatheory is redefining how games and stories are told from the bottom up using web3 primitives, and we couldn’t be more excited to partner with CEO Kevin Lin, a proven leader and company builder.”
Amy Wu, head of ventures and commercial, FTX Ventures lauded Lin’s experience in creating digital communities pointing to the DuskBreakers NFT gaming project to reference success already achieved in the Web3 space.
Paul Veradittakit, General Partner at Pantera Capital echoed Wu’s comments saying “Kevin’s successful track record combined with the experienced and talented team behind Metatheory, has us really excited to partner on this opportunity to push forward on Web3-enabled gaming.”
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