SNACKCLUB raises $9M in seed funding to launch unique gaming DAO

SNACKCLUB raises $9M in seed funding to launch unique gaming DAO

By Daniela Kirova - min read

SNACKCLUB, a new sister company to LOUD, the most dynamically growing international brand with a total of 300 million followers, raised $9 million in a seed funding round, CoinText learned from a press release. 

The company, which is also the first gaming organization to reach a billion views on YouTube, will launch a DAO with the goal of transforming ownership in gaming.

A game changer 

Traditionally, gamers do not own the currency, equipment, or assets their characters have acquired in the many hours spent playing games. With the advent of Web3, they can “mint” in-game items to an external blockchain wallet that grants rare assets value at once. 

Jean Ortega, cofounder of LOUD and managing partner of SNACKCLUB, commented:

LOUD has always been a community-first organization. SNACKCLUB will elevate that commitment by investing in the technology, platform, and publishing partners that will bring the potential of blockchain gaming to our community. We have a long way to go, but these investments will change the how and why behind a gamer’s decision to play.

A community leadership structure 

Anyone will be able to join the DAO and vote on decisions. There is no fee to join. Most of SNACKCLUB’s ownership and governance rights will be reserved to onboard community members. 

Mechanism led the seed round. Among the investors who took part were Animoca, Ascensive Assets, OP Crypto, Formless Capital, Jump Crypto, and Shima Capital. Marc Weinstein, a partner at Mechanism, said:

As LOUD’s sister company, SNACKCLUB is launching with access to an immediate and passionate community who are anxious to explore the future of gaming. We’re thrilled to support SNACKCLUB’s efforts to realize that future by providing an ecosystem that promotes ownership, fairness, and transparency, especially for a region where even a little income could go a long way. This is an exciting season for gaming, and we can’t wait to define its potential alongside our new partners.

Reflecting LOUD’s lifestyle brand 

SNACKCLUB will focus on content and media that reflect its sister company’s gaming lifestyle brand while introducing new currencies, games, and developers to the community. 

With time, users will make decisions on what game concepts to focus on. At the moment, SNACKCLUB will work on nurturing its 30-strong team, establishing its investment ideas and governance, and conducting due diligence on priority investment prospects.