Stakes, a NYC-based social wagering platform offering a new web3 experience for sports fans,raised $5.3m in seed funding.
Backers included Digital Currency Group, FBG Capital, CMS Holdings, LD Capital, Cadenza Ventures, Matrixport Ventures, and Sterling Select Group. Sam Li, former Vice President at the National Basketball Association (NBA), joined as a strategic investor and advisor.
The company intends to use the funds to expand its team and grow its user base.
Led by Kevin Wang, CEO and Founder, Stakes is a social sports wagering platform that allows users to earn NFTs that are digital bragging rights on the blockchain. Launched from IAC’s Newco incubator platform in January 2022, the company allows any player to wager for free in a competition among friends and influencers in a social feed. Winners collect NFTs to forever memorialize their winning calls on the blockchain. Stakes has already minted over 8,000 “proof-of-flex” NFTs to over 2,500 users as a reward for sports predictions.
It is currently in open Beta in the Apple App Store.
FinSMEs
03/05/2022