Blockchain creator platform Joystream raises $5.85m
Latest investment funding round brings online platform’s total company valuation to $60m
Joystream, a decentralised creator platform powered by blockchain technology has raised $5.85m (£4.44m) in its latest funding round pushing the company’s total valuation to $60m.
The round – which saw a multitude of investors participating, such as Digital Currency Group, D1 Ventures and DefiAlliance – brings the total funds raised by the firm to $13m.
Joystream founder Bedeho Mender said that the fresh capital will help the start-up expand its team and deliver key product features and updates.
“This new funding will allow us to expand the team in key areas critical to a successful mainnet launch in Q2, such as kicking off our YouTube creator partnership program to attract creators to the platform, ramping up our DAO community growth initiatives and delivering key product features,” added Mender.
Joystream is an online platform designed to empower individual artists through decentralised media distribution, curation and discovery. It aims to create a decentralised platform, similar to YouTube’s content sharing and discovery model, giving content creators full control over their media and the ability to monetise their content.
“We aim to give video creators alternative ways to monetise their videos, and not solely rely on advertising, with the ability to sell their content as [non-fungible tokens] NFTs and to turn their channel into a token, so that anyone can invest in the creator, and earn a share of their revenue,” Joystream said.
“Joystream is a blockchain that allows developers to build other applications on, opening up opportunities to create decentralised versions of video applications we are already used to, as well as completely new video applications.”