Live Stadium, a sports community platform, revealed on Thursday, July 28, that it raised a total of USD$ 10 million in funds. This Series A fundraising round will be utilized to support Live Stadium's ongoing mission to introduce fantasy sports to Gen Z.
The sports community platform was established in 2020 by Kevin Kim and Paul Xu to build a 'digital playground' where Gen Z fantasy sports fans can gamify their favorite sports fandoms.
Live Stadium Is 'the Largest Party for Sports Fans'
On its website, Live Stadium tags itself as 'the largest party for sports fans' where users can make their avatars and interact with their online friends as they share experiences and play games together. The sports community lets its users choose and buy their many exclusive digital collectibles. On the platform, users can also draft teams of their favorite sports franchises while watching the games live. They can also join live streams and interact with friends by creating specific squads.
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One awesome feature of the sports community application is that users can join polls, trivia, and chat groups that are sure to include fellow fans with similar likes and sports favorites. Recently, Stadium Live boasts a growing community of 500,000 sports fans.
Live Stadium's main users are those from Gen Z. These people were born from 1997 to 2012. So far, the app has had success catering to the said generation. Proving that Gen Z is also a strong fan of fantasy sports.
A TechCrunch report states that KB Partners and Union Square Ventures are the funding's primary sponsors. Along with the Origins Fund of French soccer player Blaise Matuidi, Dapper Labs Ventures, Position Ventures, Valhalla Ventures, 6th Man Ventures, Alumni Ventures, and Breakout Capital, professional basketball player Kevin Durant's 35 Ventures also took part in the round. With this recent funding extension, the company's total post-money valuation is now around $32 million.
Live Stadium Is Building a Community of Gen Z Sports Fans
The app is a groundbreaking treatment for a new generation of sports fans with declining interest in traditional sports viewership. In an interview from TechCrunch, CEO Kevin Kim mentions that the sports industry has been slow at adapting to a new generation of fans and that Kim sees Live Stadium as a way of solving the said problem.
"Sports is more than just sports to Gen Z, it is culture, music, fashion and so much more. Our focus is on building the tools to let people interact with each other within the metaverse. We're building more than just an environment; we're building a community," Kim said in the same interview.
Recently, the sports community app has launched a new feature called 'Rooms' in beta, where fans can build small communities to discuss the latest developments in sports and serve as a medium for exchanging opinions. In this new 'Rooms' feature, users can share and play music, watch trending Tiktok videos, and even get a glimpse of recent highlights from their favorite teams.
Since the platform primarily caters to users aged 12 and older, Live Stadium deployed a group of moderators to ensure that an app is a safe place for everyone.
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