Kevin Lin’s Web3 firm Metatheory raises $24M in an a16z-led funding round

Metatheory, a web3 interactive media steadfast founded by Twitch co-founder Kevin Lin, has secured $24 cardinal successful a Series A backing round. A property merchandise unveiled this quality earlier today, noting that Andreessen Horowitz (a16z) led the backing round. The institution did not disclose its valuation.

According to the press release, the financing circular attracted different renowned investors, including Pantera Capital and FTX Ventures, Breyer Capital, Merit Circle, Recharge Thematic Ventures, Dragonfly Capital Partners, Daedalus, Sfermion, and Global Coin Research.

Commenting connected this development, Lin, who is besides Metatheory’s CEO, said,

“Building immersive integer experiences has ever been a passionateness of mine, and aft stepping distant from Twitch to research what’s adjacent successful the industry, I genuinely judge blockchain volition unfastened the doorway to adjacent much possibilities and person a large interaction successful the gaming, storytelling and assemblage gathering space.”

He added that Metatheory features a squad of manufacture veterans focused connected introducing blockchain exertion crossed aggregate media categories, focusing connected improving standards of lawsuit acquisition and shared ownership.

Leveraging a gaming attack to participate web3

While the burgeoning web3 abstraction has aggregate introduction points, Metatheory leverages the gaming manufacture arsenic its archetypal originative canvas successful the space. Specifically, the steadfast focuses connected gathering franchises with beardown IPs that unrecorded beyond the games.

Jonathan Lai, General Partner astatine Andreessen Horowitz, said,

“Metatheory is redefining however games and stories are told from the bottommost up utilizing web3 primitives, and we couldn’t beryllium much excited to spouse with CEO Kevin Lin, a proven person and institution builder.”

Amy Wu, the Head of Ventures and Commercial astatine FTX Ventures, praised Lin, saying helium is 1 of the astir experienced founders successful creating integer communities. She added that helium has already proven this done the DustBreakers NFT collection. Wu further noted that FTX Ventures is blessed to assistance him instrumentality the task to the adjacent level arsenic a unrecorded game. 

Further praising Lin, Paul Veradittakit, General Partner astatine Pantera Capital, said,

“We powerfully judge successful Kevin Lin’s imaginativeness for the aboriginal gaming and creating franchise IP that volition unrecorded beyond its gaming roots and grow into multi-platform universes. Kevin’s palmy way grounds combined with the experienced and talented squad down Metatheory, has america truly excited to spouse connected this accidental to propulsion guardant connected Web3-enabled gaming.”

The DuskBreaker’s crippled boasts a sci-fi-inspired metaverse gaming acquisition that is blockchain-powered. The task precocious launched an innovative play-to-earn free-to-play play-to-mint game, which saw it merchantability retired 10,000 NFTs successful six days.

Institutional investors proceed injecting funds into the web3 ecosystem

This quality comes arsenic organization investors proceed investing funds into web3. For instance, Grayscale Investments rolled out its archetypal European exchange-traded money (ETF) yesterday. With this offering, the institution seeks to connection European investors vulnerability to companies driving the improvement of the planetary fiscal system.