Binance Labs-Backed Web3 Startup Raises Pre-Seed Funding

• Reveel developed a Web3 protocol that allows creators to automate revenue sharing.
• Backers in the $1.3 million pre-seed raise include Binance Labs and Moment Ventures.
• Check out the 10-slide pitch deck that landed Reveel funding. 

Web3 startup Reveel recently secured $1.3 million in pre-seed funding from big-name investors like Binance Labs and Moment Ventures. The fresh capital will go towards staff expansion and product development, Insider has exclusively learned. 

The startup, which was founded by Swiss reggae musician and producer Adrien Stern, has developed a protocol that aims to automate revenue sharing, as well as a platform to report on-chain income for creators — a complete financial stack for Web3 collaboration.

Crypto proponents argue that blockchain technology allows creators to diversify revenue streams and make more money by cutting out third parties, which often take a large portion of their earnings. The music industry, for example, generates $43 billion in annual revenue and only 12% of that goes to artists, according to a report from startup Audius. Through NFTs, or non-fungible tokens, musicians can earn royalties for their work by listing on a marketplace directly, instead of going through streaming platforms like Spotify.

Web3 is creating new ways for artists to monetize their work, Stern says, and his startup wants to ensure that they “never have to wait to get paid.”

“Having spent over a decade in the music industry, I’ve been in the shoes of a songwriter who had to wait months and even years to receive their revenue,” the exec told Insider in a statement. 

Binance Labs, the venture arm and incubator of crypto exchange Binance, led the $1.3 million investment in Reveel. 

Launched in 2018, Binance Labs bills itself as the “largest crypto VC in the industry” with over $7.5 billion in assets under management and more than 200 portfolio projects. The fund, which is led by Binance co-founder Yi He, backed industry heavyweights like Axie Infinity, Dune Analytics, Elrond, Polygon, and The Sandbox.

“Binance Labs has been investing deeply across the creator economy in Web3,” Ken Li, the Executive Director of Binance Labs, said in a press release. “We are impressed with the Reveel team and believe the Revenue Share Protocol has potential to drive collaboration amongst creators and their communities.”

Check out the 10-slide pitch deck below that helped Reveel raise its pre-seed funding.