Stadium Live Raises $10M Series A Led by KB Partners and Union Square Ventures to Build the Digital World for Gen Z Sports Fans
TORONTO, July 28, 2022 (Newswire.com) - Stadium Live, the leading platform for Gen Z sports fans, today announced its $10 million Series A funding round led by KB Partners and Union Square Ventures. Kevin Durant's 35 Ventures, Blaise Matuidi's Origins Fund, Dapper Labs Ventures, Position Ventures, Valhalla Ventures, 6th Man Ventures, Alumni Ventures, and Breakout Capital also participated in the round.
The company previously raised a $3 million seed round from Union Square Ventures, as well as Golden Ventures, Maple VC, Intonation Ventures, and Secocha Ventures.
"Throughout my career, I've seen firsthand Gen Z sports fans' desire to connect with their teams and fellow supporters on a deeper, more interactive level," said Blaise Matuidi, co-founder of Origins Fund and 2018 FIFA World Cup Champion. "Stadium Live is the most relevant way for fans to gather and engage in the sports ecosystem. I'm very happy to be part of the Stadium Live adventure alongside an incredible champion like Kevin Durant."
Stadium Live emerged on the tech scene with an innovative sports platform, garnering over 500,000 users1 to date. The company is quickly becoming the go-to platform for a new generation of Gen Z sports fans.
Traditional sports viewership among Gen Z is on the decline, with Gen Z sports fans increasingly favoring short-form content on platforms like YouTube, Instagram, Snapchat, and TikTok2. They also increasingly identify themselves as gamers, with 87% of Gen Z playing games on their smartphones weekly, if not daily3. Gen Z is also an early adopter of vertical social networks centered around a specific interest. Vertical communities like Stadium Live are among the fastest-growing social platforms in the world4.
Stadium Live combines elements of a social network with short-form sports-focused gameplay meant to appeal to a new generation of sports fans. The company is making waves in the sports tech space, particularly among the Gen Z audience which has clung to the platform for its unique combination of social features and sports gameplay. Ninety-three percent of Stadium Live's users are Gen Z sports fans.
"We are thrilled to partner with Stadium Live on their mission to create new and unique experiences for a new generation of sports fans," said Lance Dietz, Partner at KB Partners. "The future of fandom is evolving rapidly and Stadium Live is pushing the envelope on how fans engage with their communities, sports properties, and brands."
Stadium Live is a digital world where Gen Z sports fans express their fandom. Users create a custom avatar, collect unique items, chat and make friends with other sports fans, and participate in sports-focused gameplay and livestreams to earn coins and level up their avatar. Users then spend their coins on unique items for their avatar and power-ups to use in matches, and in one-on-one battles to test their sports knowledge against other players.
"Stadium Live is providing this new generation of sports fans with a novel and mobile-first way of expressing their fandom," said Andy Weissman, Managing Partner at Union Square Ventures. "We're excited to continue to partner with Stadium Live as they continue to grow and redefine the sports industry."
A recent partnership with Fan Controlled Football, an up-and-coming alternative football league also taking a Gen Z-focused approach to football, was just announced with Stadium Live, playing a key role in enhancing the ways the league engages with its fans digitally.
"The sports industry has been slow to adapt to a new generation of digitally native fans," said Kevin Kim, CEO of Stadium Live. "We pride ourselves on developing a platform for the community and with the help of the community. 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."
Stadium Live is available today on iOS, with an Android release slated for Q4 2022.
Product Screenshots & Videos can be found here: https://www.dropbox.com/sh/xq4s3xusuohl70s/AAAs13s4IDFpwk0MHJun6XxZa?dl=0
About Stadium Live Studios
Stadium Live Studios was founded in 2020 with one goal in mind: to revolutionize the sports industry by building the digital playground for millions of next-gen sports fans to play, hang out, and express themselves.
Its platform Stadium Live is available worldwide on IOS and serves as a one-stop shop for sports fans looking to express themselves in a unique way, meet communities of like-minded fans, and compete for prizes.
For anyone curious about what Stadium Live is doing next, sign up for the app for free on the App Store or visit stadiumverse.com. For press and partnership inquiries, please contact mat@stadiumliveapp.com.
1User figure represents registered users who complete the creation of an avatar.
2https://www.immersiv.io/blog/gen-z-sports-media-innovation/
3https://fortune.com/2021/04/19/gen-z-gamers-video-games-media-entertainment-outlook-changes-future/
4https://a16z.com/2020/12/07/social-strikes-back-fastest-growing-apps/
Source: Stadium Live Studios Inc.