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

Twitch co-founder and CEO Emmett Shear is leading the development of Metatheory, a company that creates tools for players to manage their digital assets. His new venture raised $24 million in funding from Lightspeed Venture Partners, Union Square Ventures and others. Experts see this as an indicator of how many companies are jumping into crypto at the moment.

The “who created twitch” is a question that has been asked for years. Recently, the answer to this question was revealed. The company behind Twitch was co-founded by Justin Kan and Emmett Shear who both went on to create other companies such as Metatheory, a blockchain startup.

In a recent investment round, Twitch co-founder Kevin Lin’s Web3 gaming and entertainment firm, Metatheory, garnered $24 million. Pantera Capital, FTX Ventures, Merit Circle, Dragonfly Capital, and others also participated in the round, which was headed by venture capital firm Andreesen Horowitz (a16z).

The money will go toward the company’s main product, ‘DuskBreakers,’ a Sci-Fi series with two smaller games now under production. Lin aims to incorporate NFTs into the franchise’s ecosystem with the additional funding, allowing players to purchase DuskBreakers character NFTs.

Lin had this to say about his Web3 ambitions after stepping away from his Web2-centric Twitch, which has amassed an almost monopoly-like position after fending off streaming competitors like 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 the blockchain includes a couple former Twitch employees: JT Gleason, a former Twitch Developer Relations Executive, 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 Artificial Next, Twitch’s AI-based interactive live event series, as Content Chief and Narrative Designer, respectively. 

 

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