Bengaluru-based gaming platform STAN has recently secured $2.7 million in funding from new and existing investors. This funding round saw participation from Aptos Labs, Pix Capital, Maelstrom Fund, GFR Fund, CoinDCX Ventures, Climber Capital, TDV Partners, Coinswitch Ventures, and returning investor General Catalyst. The company’s previous investors, Better Capital and Eximius Ventures, also contributed to the seed round. STAN plans to utilize the funding to develop a community architecture using artificial intelligence (AI), enhance its fanbase, and provide personalization for users.
STAN was founded in 2022 as an online e-sports fan engagement platform by Parth Chadha. The platform allows creators to build and monetize communities, engage users with digital collectibles, chat or audio rooms, and exclusive celebrity communities, in addition to facilitating user engagement with each other. The company aims to build an engaged gaming creator base in the country around common interests and has seen success with some of its creators participating in events such as Big Boss 17. Since its inception 1.5 years ago, STAN has garnered over 4 million users, with 75% of them hailing from tier II and tier III cities. The platform witnesses 50 million annualized micro-transactions with a 70% retention rate for paying users.
This fundraise has come at a time of growing interest in e-sports, signifying a pivot towards the category after a challenging year for gaming companies in 2023. The gaming industry has witnessed significant growth over the past few years, with an increasing number of users and engagement levels. STAN’s ability to attract such a diverse range of investors reflects the potential and promise of the gaming industry, and its focus on community-building and personalization aligns with the current trends in the market.
In an opinion related to the topic, industry experts believe that the funding secured by STAN is indicative of the increasing interest and investment in the gaming and e-sports sector. The growth potential in this industry is evident, and the focus on community-building and personalization reflects the evolving needs and preferences of gaming enthusiasts. As the gaming industry continues to expand, platforms like STAN have the opportunity to carve out a substantial and influential space within the market.