Livepeer Inc. raises $20 million to position for future growth
Livepeer entered 2022 on a high, with the successful completion of a $20 million Series B-1 financing round.
This equity investment round into Livepeer Inc., a company that is dedicated to building products and services that drive adoption to the Livepeer network, saw participation from hedge fund manager Alan Howard and venture capital fund Tiger Global, along with a number of existing investors.
The Livepeer core team sees the fundraise as a significant vote of confidence in the future of the network and the strength of our community, particularly given that it comes just five months after a Series B round.
This rapid Series B extension is another welcome endorsement of how we are executing on our vision of becoming the world’s open video infrastructure. We’ve seen strong organic growth in demand for transcoding, as well as growing awareness of the reliability, value and efficiency of web3 infrastructure.
In July, Livepeer closed a $20M Series B funding round in which lead investor DCG was joined by Northzone, Coinbase Ventures, CoinFund, 6th Man Ventures and Warburg Serres.
To date, Livepeer, Inc has raised $48 million.
These funds will go toward expanding functionality for broadcasters, ramping up demand generation amongst video developers, and ensuring that Livepeer is well positioned to be the leading blockchain-enabled video infrastructure that the future of web3 enabled applications are built upon.
The investment round is only the first chapter in what we expect to be a very active 2022.
The community is currently seeking final comments on the draft proposal for Confluence, a major protocol upgrade, which will be followed by a security check and a final up-or-down vote by the community. If it wins full approval, Confluence will see the Livepeer Network migrate to Arbitrum, a leading L2 scaling solution, in a move designed to help orchestrators and token holders increase profitability by lowering transaction costs. The upgrade will also lay the groundwork for future opportunities for delegators.
We’re looking forward to a big 2022 for Livepeer, and web3!