Metafy added USD 5.5 million in its seed rounds

On Thursday (06.May.2021), Metafy, a US-based startup that provides competitive game players with a chance to monetise their gaming skills through providing coaching and courses. The startup has announced that it has added USD 5.5 Million in its seed fund to the existing amount of USD 3.5 million. This funding round was led by a trio of  Forerunner Ventures, Seven Seven Six and DCM.

Last year on December 6, the startup had its first seed round led by Forerunner Ventures in which it raised an amount of USD 3.5 million. The participants in that round were Tekton Ventures, M25, Naval Ravikant (Founder AngelList), Matt Cooper (CEO, SkillShare), and Nick Candito.

The reason for fundraising – 

As the company has a workforce of 18 members with a burn rate of USD 80K, it wants to make that workforce up to 30 and make the platform reach more audiences.

About the investors –

Forerunner Ventures – 

Forerunner Ventures is a venture capital firm founded in 2007 by Kirsten Green. It focuses on providing aid to entrepreneurs to fulfil the innovative demand of the modern consumer.  Till now, they have made 174 investments in which Metafy is the latest one.

Seven Seven Six – 

Seven Seven Six is a venture capital firm having its headquarters in Greater Miami, Southern US. The firm provides the Seven Seven Six Operator in Residence Program as a full-time, paid, and one-year appointment. Till now, the company has made 12 investments in which Metafy is the latest one.

DCM –

DCM was founded in 1996 by David Chao and Dixon Doll. It focuses on assisting entrepreneurs capable of bringing innovation to the modern world by using and living with the technology. Currently, the company manages ten funds which value around USD 4.0 Billion. They had invested in more than 500 technology companies across the USA and Asia. 

About the company – 

Metafy is a platform for veteran gamers and new gamers to interact and let the gamers monetise their skills by providing courses to develop gaming skills. Metafy was founded by Josh Fabian on May 14, 2020. The firm focuses on Coaches as the base customer rather than the new trainees. This strategy helps the startup to make coaching a full-time gig profession possible. By following this idea, the company has reduced their marketing budget as the coaches bring their own audience.

Fabian said in a statement that any game with a skill curve could wind up on Metafy. Think about any game, whether it’s chess, poker or other games that can be played digitally. To build toward that future, Metafy intends to take on more capital so that it could grow its team and reach out to new customers.

“The company has grown from incorporation to gross merchandise volume (GMV) of $76,000 in around nine months. That’s quick.” – Josh Fabian, CEO and Co-founder, Metafy.

For more extensive analysis and Market Intelligence reports feel free to approach us or visit our website: Venture Capital Market Intelligence Reports | VCBay.

We try our best to fact check and bring the best, well-researched and non-plagiarized content to you. Please let us know

-if there are any discrepancies in any of our published stories,

-how we can improve,

-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback and thank you for stopping by!