Toronto-based live streaming company Stage Ten recently announced it has closed its seed funding round led by Los Angeles and Singapore-based Next 10 Ventures.
Stage Ten initially did not disclose the total funding amount to BetaKit, but when pressed indicated that it raised approximately $1 million in total funding for the round. The company did not disclose any other investors in the round.
“We made a point to support through seed-stage investments the entrepreneurs building new companies serving and supporting hundreds of thousands of creators,” said Benjamin Grubbs, founder and CEO of Next 10 Ventures. “We believe Stage Ten’s innovative technology and talented team has a huge opportunity to help creators drive more engagement through live content.”
“Next 10 Ventures’ unique model for investing in and accelerating startups…makes them an exceptional fit as both an investor and strategic partner.”
Launched in 2017, Stage Ten runs live streams for over 5,000 online creators, including YouTube stars, brands, charities, and broadcasters. Stage Ten’s web-based software enables creators to make broadcast quality shows on social media, complete with multi-camera shots, custom onscreen graphics, and multiple guests participating at once for YouTube, Facebook, Twitter, and Twitch. The company was one of the first four startups, as well as the only Canadian startup, to be included in Next 10 Ventures’ first round of investments since its incorporation early last year.
“Ben Grubbs and his team have a track record of innovation in online video that will bolster our expansion efforts and help us bring live, interactive, and transactional content capabilities to creators around the globe,” noted CEO Dave Lazar.
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As an operating and investment company, Next 10 Ventures incubates and accelerates new businesses, content, products, and services within the global ‘Creator’ economy and ecosystem. By providing capital and industry expertise, the firm works with companies and creators to expand their brands, investments, and growth.
“Next 10 Ventures’ unique model for investing in and accelerating startups and content creators makes them an exceptional fit as both an investor and strategic partner,” said Trevor Mengel, Stage Ten’s chief business officer.
With the new funding, Stage Ten said it has immediate plans to bolster its technology and development team in Toronto.
Image courtesy Stage Ten.