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Joystream Raises Additional $5.85 Million Dollars in Funding

ByLouis Adams

Apr 13, 2022
Reading time: 2 minutes

Joystream is thrilled to announce that it has raised $5.85 million. This brings the total fundraise to roughly $13m at a $60m valuation from over 30 investors, among them Digital Currency Group, Hypersphere, DefiAlliance, and D1 Ventures.

Building the decentralized future of video

Joystream aims to give video creators alternative ways to monetize their videos, and not solely rely on advertising, with the ability to sell their content as NFTs and to turn their channel into a token, so that anyone can invest in the creator, and earn a share of their revenue. Furthermore, Joystream is a blockchain that allows developers to build other applications on, opening up opportunities to create decentralized versions of video applications we are already used to, as well as completely new video applications.

Testnet participants to be handsomely rewarded

Joystream is currently on its 12th testnet chain. In order to attract high quality participants, testnet contributors are looking to get at least 25% of the genesis token supply ($15m+ worth). Because Joystream will be decentralized, governed entirely by token holders, it’s important to attract long-term high-value contributors for the project to continue to grow.

Aiming for a Polkadot parachain slot

This is the final stretch to a mainnet launch and the native $JOY token launch. Once the main network has launched Joystream will look to compete for a Polkadot parachain slot.

“This new funding will allow us to expand the team in key areas critical to a successful mainnet launch in Q2, such as kicking off our YouTube creator partnership program to attract creators to the platform, ramping up our DAO community growth initiatives and delivering key product features.”

says Bedeho Mender, founder of Joystream.

Joystream links

Video platform https://play.joystream.org/

Website https://www.joystream.org/

Joystream socials

Follow Joystream on Twitter for updates: https://twitter.com/JoystreamDAO

Join the Discord community: https://discord.com/invite/DE9UN3YpRP

Media contact details

robert@jsgenesis.com

Full list of investors

  • DCG (seed round)
  • Hypersphere
  • DefiAlliiance
  • D1 Ventures
  • Signum Capital
  • LD Capital
  • Genblock Ventures
  • BITMAIN (seed round)
  • OKX Blockdream Ventures
  • MEXC Pioneer
  • SkyVision Capital
  • BoostVC (seed round)
  • Waterdrip Capital
  • PNYX Ventures
  • GateIO Labs
  • GSR
  • M6
  • Vestigium Capital
  • Master Ventures
  • Kernel Ventures
  • Illusionist Group
  • Lotus Capital
  • Lancer Capital
  • Panda Capital
  • Sunbar Capital
  • SneakyVC
  • New Tribe Capital
  • Phoenix VC
  • 8186
  • LVT Capital
  • Lionline Capital
  • Basics Capital
  • ZB Capital
  • CabinVC
  • StartupLab (seed round)
  • Polkadotters
  • FMFW.io