Social wagering startup Stakes, which specializes in NFTs and Web3, has raised a $5.3 million seed round. The funding was comprised primarily of several institutional investors: Digital Currency Group, FBG Capital, CMS Holdings, LD Capital, Cadenza Ventures, Matrixport Ventures and Sterling Select Group.
New York City-based Stakes is a graduate of IAC’s Newco incubator from earlier in 2022 and is available in the Apple App Store in a beta version. Wagers are free, and winners can mint “proof of flex” NFTs to preserve bragging rights permanently on the blockchain. The company reported that its user base multiplied by five during the last NFL season, with engagement growing 28%.
Stakes also announced the addition of Sam Li as a strategic investor and advisor.
Li is a former NBA associate vice president working with the business team who has advised a number of sports tech startups, including GameOn, Chiliz, Sport Buff and NOCAP Sports.
