Metafy, a platform for one-on-one coaching from champion-level gamers, has expanded its seed round to $8.65 million. The investors were Forerunner Ventures, Seven Seven Six and DCM.
PITTSBURGH – May 6, 2021 – Metafy, a platform for one-on-one coaching from champion-level gamers, today announced it expanded its seed round to $8.65M. Metafy received support in the expansion from existing investor Forerunner Ventures, who was joined by new investors Alexis Ohanian’s Seven Seven Six and cross-border venture capital firm DCM.
Metafy announced its initial seed round of $3M in December 2020, which was led by Forerunner Ventures with participation from Tekton Ventures and M25. Angel investors included Naval Ravikant (co-founder and former CEO of AngelList), Matt Cooper (CEO of Skillshare), executives at Facebook and Microsoft, and the founders of esports teams Tempo Storm and Tribe Gaming.
The new investment enables Metafy to double the size of its team to 30-40 employees, continue its mission to provide flexible learning options for players and the most appealing, inclusive platform for coaches, while aggressively expanding its offerings both in the US and abroad.
“Everyone knows that gaming is a huge industry and given our presence in Asia, we’ve seen this first hand,” said DCM General Partner Osuke Honda. “However, the majority of the world’s top players aren’t able to monetize their talents effectively and that’s where we see a ton of potential in what Metafy is building. These top players should have a place where they can teach what they love and engage with their audiences, big or small.”
Metafy Co-Founder and CEO Josh Fabian explained: “It’s absurd that so many exceptionally talented individuals are unable to make a living doing what they love and what they’re best at, simply because they weren’t early enough or lucky enough to succeed as an entertainer on YouTube or Twitch. Metafy provides expert performers with an alternative way to monetize their talent on their terms. We’re not asking for exclusivity or taking a predatory cut from each transaction like our competitors do. We’re still in the early stages, but it’s working. This year, multiple coaches will make six figures through Metafy.”
Since January, revenue from one-on-one coaching booked on Metafy has increased by 425%. The addition of structured lessons in April saw a 71% increase in total revenue from March, with coaches collectively earning more than $76,000 in the one month alone. This rapid growth is steadily attracting top caliber talent, with Metafy’s coaching pool growing to include more than 400 of the top 1% of players in more than 80 popular games.
Ohanian added: “Metafy is absolutely onto something. The future of gaming (and learning) will include an entirely new industry of professional coaching. Seven Seven Six is excited to be investing in a platform that’s going to let countless people do what they love for a living.”
Brian O’Malley, partner at Forerunner Ventures, continued: “We are invigorated by the new ways for people to turn their passions into sustainable businesses. We doubled-down our investment in Metafy because of Josh’s unique understanding of the opportunity to do this in the gaming market, a $170 billion industry with plenty of options to share content, but limited business building tools focused on the category.”
There are over 214 million gamers in the United States alone, with more than 64% of adults and 70% of individuals under 18 playing regularly. Metafy is dedicated to providing a convenient, affordable way for these gamers to play with and learn from the best players world. To learn more about Metafy, visit www.metafy.gg.
Metafy’s mission is to help gamers win more by providing flexible learning options including one-on-one online coaching and structured lessons for gamers of all skill levels from the world’s best professional players. Metafy, which was co-founded by Josh Fabian and Thomas McNiven in August 2020, grants private one-on-one access to champion-level coaches across every game, from Fortnite to Chess. As a black-owned business, Metafy is committed to promoting diversity and inclusivity on its platform and in the gaming community as a whole. For more information, visit www.metafy.gg.