Esports fan engagement platform Stan announced on Tuesday that it raised $2.7 million in a funding round.
Notable participants in the round include web3 firm Aptos Labs and early-stage venture firms such as Pix Capital, Maelstrom Fund, GFR Fund, CoinDCX Ventures, Climber Capital, TDV Partners, and Coinswitch Ventures. However, the company did not disclose the valuation at which the funding was raised.
Previously, in May 2022, Stan had secured $2.5 million in a funding round led by the US-based venture capital firm General Catalyst, as disclosed in a statement. General Catalyst continued its involvement by participating in the recent funding round.
Stan facilitates users in acquiring collectibles and interacting with renowned esports figures, be it players or influencers, utilizing features such as chat and audio rooms, along with exclusive communities on its platform. Among these collectibles, there are also web3 items like non-fungible tokens (NFTs).
Stan applies a commission ranging from 15% to 20% on in-app purchases made by users, covering a spectrum from Rs 50 for minor recharges to over Rs 1 lakh for exclusive experiences like spending an entire day with a creator, said cofounder Parth Chadha. Although the majority of transactions typically fall within the Rs 200 range. Stan boasts over 4 million users and aims to expand its user base to 10 million within the next six months.
With the latest funding, Stan secures a runway of approximately two years, according to Chadha. The allocated funds will be utilized for marketing initiatives, enhancing product features, and bringing more creators onto the platform. Additionally, the company aims to establish API integration with some of the platform’s popular games.
“Think of our platform as a Discord for India and emerging markets, but simplified and made easy-to-use for users in these regions,” Chadha said.
“We have been pleased with the progress and growth at Stan since their offerings launched 1.5 years back… In a macro environment where esports has now been duly recognized as a sport in India, General Catalyst is excited to continue to support the team,” said Anand Chandrasekaran, partner at General Catalyst.
