Mark Cuban’s Fireside interactive platform, which helps creators reach audiences through live and virtual shows, is in talks to increase its Series A funding round and plans to make a breakthrough in web3 and the Metaverse in a few months, said two sources familiar with the matter.
Fireside is committing to investors to raise about $25 million at a valuation of $125 million, the sources said, requesting anonymity because deliberations are ongoing and private.
The platform was able to lure a number of high-profile creators onto its platform, including Jay Leno, Michael Dell, and Entourage writer and creator Doug Ellin.
The app gives creators the ability to distribute their shows anywhere (outside of the app) with the click of a button and provides what it calls “sophisticated analytics” to help them understand what kind of content resonates well with the public in real time.
The startup – founded by Cuban and Falon Fatemi, a Google alum who also co-founded customer intelligence platform Node – plans to launch NFTs and have a metaverse in the second quarter of this year to help creators monetize their work, the sources said. It also plans to undertake a community DAO, they said.
It is also in preliminary talks with a number of companies, including Netflix, for a strategic partnership, one of the sources said.
Fireside declined to comment.
The startup, which counts Cuban backers, the Chainsmokers, HBSE, Goodwater, Animal Capital and NFL stars Larry Fitzgerald and Kelvin Beachum and former NBA star Baron Davis among its backers, has raised around $8 million so far. day, said a person familiar with the matter.
In November, TechCrunch reported on Fireside’s efforts to raise a “seed+” funding round.
“For the first time, whether it’s Web2, Web3 or VR, we have a touch-based platform that allows content creators to hear and see how their audience reacts to live content. It’s as close to real life as you can get,” Cuban told TechCrunch at the time.
A number of startups, including Andreessen Horowitz-backed Clubhouse and entrepreneur and investor David Sacks’ Callin, are betting that the next wave of social media would allow creators to engage directly with their fans and change business models to know how and what they earn.