GawkBox Secures $3.7 Million
Fintech startup GawkBox announced it has raised $3.7 million in Series A financing. Madrona Venture Group led the funding, which includes follow-on participation from London Venture Partners, as well as funding from Erlend Christofferson (ex-CMO of Supercell) and others.
Based in Seattle, WA, GawkBox is a monetization platform built for the live streaming market. Fans who have downloaded the Gawkbox app can tip streamers who have reached milestones, such as leveling up characters or completing in-app challenges. After achieving goals, app developers can tip streamers on behalf of fans, allowing them to show loyalty for the streamer without paying a penny. GawkBox’s “sponsored tipping” enables app developers to engage with receptive audiences and allows streamers to develop potential sources of income.
“Live streaming is a massive, rapidly growing market, but no one has solved the problem of how to monetize live content,” said Daniel Li, senior associate of Madrona Venture Group. “The GawkBox team understands this market deeply and has built an experience that is clearly resonating with their users – we are excited to back this team and work with them to grow this market.”