- Reveel has developed a Web3 protocol that allows creators to automate revenue sharing.
- Backers of the $1.3M pre-seed round include Binance Labs and Moment Ventures.
- Check out the 10-slide pitch deck that landed funding from Reveel.
Web3 startup Reveel recently secured $1.3 million in pre-seed funding from high-profile investors such as Binance Labs and Moment Ventures. The new capital will go towards staff expansion and product development, Insider has learned exclusively.
The startup, which was 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 on-chain revenue for creators – a complete financial stack for Web3 collaboration.
Crypto proponents argue that blockchain technology allows creators to diversify revenue streams and make more money by cutting out third parties, who often take a large chunk of their revenue. The music industry, for example, generates $43 billion in annual revenue, of which only 12% goes to artists, according to a report by startup Audius. With NFTs, or non-fungible tokens, musicians can earn royalties for their work by signing up directly on a marketplace, 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 more than a decade in the music industry, I was in the place of a songwriter who had to wait months or even years to receive his income,” the executive told Insider in a press release.
Binance Labs, the venture capital arm and incubator of crypto exchange Binance, led the $1.3 million investment in Reveel.
Launched in 2018, Binance Labs bills itself as the “industry’s largest crypto VC” with over $7.5 billion in assets under management and over 200 portfolio projects. The fund, which is led by Binance co-founder Yi He, has backed industry heavyweights like Axie Infinity, Dune Analytics, Elrond, Polygon, and The Sandbox.
“Binance Labs has invested deeply in the creator economy in Web3,” Ken Li, Executive Director of Binance Labs, said in a press release. “We are impressed with the Reveel team and believe the revenue sharing protocol has the potential to drive collaboration between creators and their communities.”
Check out the 10-slide pitch deck below that helped Reveel increase its pre-seed funding.