Metatheory, Twitch Co-Web3 Founder’s Company, Raises $24 Million

Twitch co-founder Kevin Lin’s Web3 gaming and entertainment company, Metatheory, has raised $24 million in a recent funding round. Andreesen Horowitz (a16z) led the round, with Pantera Capital, FTX Ventures, Merit Circle, Dragonfly Capital, and others also participating.

The funds will be used primarily for the company’s in-development flagship product, ‘DuskBreakers,’ a Sci-Fi franchise with two mini games. Lin hopes to integrate NFTs into the franchise’s ecosystem with the new funding, allowing users to own DuskBreakers character NFTs.

Lin had this to say about his Web3 ambitions after leaving his Web2-centric Twitch, which has amassed an almost monopoly-like position after fending off streaming competitors such as Mixer: “After stepping away from Twitch to explore what’s next in the industry, I truly believe blockchain will open the door to even more possibilities and have a major impact in the gaming, storytelling, and community building space.”

Lin’s foray into blockchain brings with him a few former Twitch employees, as JT Gleason, the former Developer Relations Executive at Twitch, will serve as Metatheory’s CTO, and Jason Maestas, a former member of Twitch’s Influencer Marketing team, will serve as VP of Community and Marketing.

Lin has also hired Bernie Su and Jen Enfield-Kane from Twitch’s AI-based interactive live show series Artificial Next as Content Chief and Narrative Designer, respectively.