Quick take:
- Story Protocol has raised $24.7 million in a round led by A16z Crypto bringing the total for the round to $54 million.
- The Web3 infrastructure company announced a $29.3 million fundraising in May 2023.
- Story Protocol aims to democratise IP creation through a global extensible repository.
Story Protocol has wrapped up a $54 million funding round led by A16z. The company raised an additional $24.7 million in a follow-on round, which adds to the $29.3 million seed announced in May.
Story Protocol provides an infrastructure that allows creators to manage the entire lifecycle of IP development, enabling features like provenance tracking, frictionless licensing and revenue sharing.
The project also aims to attract third-party developers looking to build platforms for crowdfunding, capital formation, IP discovery, licensing modules, and authentication for AI content, among others.
Commenting on the announcement, Sriram Krishnan, General Partner at a16z Crypto highlighted the great potential of Web3 to solve the media and entertainment industries’ long-standing problems.
“We believe that Story Protocol has the opportunity to revolutionize the future of IP for artists, fans, and developers by empowering creativity at the speed of the internet,” added Krishnan.
Other participants in the round included Korean Web3 investment company Hashed, Samsung Next, Paris Hilton’s 11:11 Media, Dao5, Eva Lau’s Two Small Fish Ventures and several individual investors.
Simon Kim, CEO and Managing Partner at Hashed commented: “As a co-lead investor in Story Protocol’s earliest funding round, I was highly impressed by the calibre of the leadership team and their ability to execute at the intersection of mainstream IPs and web3.”
“Just as Git revolutionized software development, Story Protocol is transforming the development of creative IP and enabling contribution at scale with clear ownership attribution,” added Kim.
Ben Enowitz, SVP of Corporate Development & Talent Ventures at Endeavor believes the Story Protocol infrastructure allows developers to create platforms that empower creators to participate in the creative process.
“Technology cannot replace authentic, human creativity – but it can bring communities together to unlock the full potential of existing and new IP. We’re excited to support Story Protocol in expanding the ways IP is created and shared with the world,” Enowitz said.
Story Protocol was also delighted to add celebrated filmmaker David S. Goyer to its advisory team. Goyer is renowned for being the screenwriter for the “Blade” trilogy, which ran between 1998-2004 and “The Dark Knight” trilogy (2005-2012). He is also a showrunner for the ongoing Apple+ TV series Foundation.
Commenting on his new role, Goyer said: “I envision a future where creators will wield greater control over their IPs, extend their influence on a global scale, and cultivate direct connections with their community.”
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