- Reveel has developed a Web3 protocol that allows creators to automate revenue sharing.
- Supporters of the $ 1.3 million pre-seed hike include Binance Labs and Moments of adventure.
- Check out the 10-slide deck that Reveel got funding.
Startup Web3 Reveel recently secured $ 1.3 million in pre-seed funding from large investors like Binance Labs and Moment Ventures. Fresh capital will go to staff expansion and product development, Insider exclusive learned.
The startup, founded by Swiss reggae musician and producer Adrien Stern, has developed a protocol that aims to automate revenue sharing, as well as a platform to report chain revenue for creators, a complete financial stack for Web3 collaboration.
Proponents of cryptocurrencies argue that blockchain technology allows creators to diversify revenue streams and make more money by eliminating third parties, who often take a large portion of their earnings. The music industry, for example, generates $ 43 billion in annual revenue and only 12% goes to artists, according to a report from startup Audius. Through NFT, or non-fungible tokens, musicians can earn royalties for their work by listing directly on a market, instead of going through streaming platforms like Spotify.
Web3 is creating new ways for artists to monetize their work, Stern says, and his startup wants to make sure they “never have to wait to get paid.”
“Having spent over a decade in the music industry, I have been in the shoes of a songwriter who has had to wait months and even years to receive his income,” the executive told Insider in a statement.
Binance Labs, the risk arm and incubator of the cryptocurrency exchange Binance, led the $ 1.3 million investment in Reveel.
Launched in 2018, Binance Labs bills itself as the “largest crypto VC in the industry” with over $ 7.5 billion in assets under management and more than 200 portfolio projects. The fund, led by Binance co-founder Yi He, has supported industry heavyweights such as Axie Infinity, Dune Analytics, Elrond, Polygon and The Sandbox.
“Binance Labs has invested heavily in the creator economy in Web3,” said Ken Li, Executive Director of Binance Labs, in a press release. “We are impressed with Reveel’s team and believe the Revenue Share Protocol has the potential to foster collaboration between creators and their communities.”
Check out the 10-slide deck below that helped Reveel increase his pre-seed funding.