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Lowkey raises $7 million from a16z to help game streamers capitalize on short-form video
While the growth of game-streaming audiences have continued on desktop platforms, the streaming space has felt surprisingly stagnant at times, particularly due to the missing mobile element and a lack of startup competitors.
Lowkey, a gaming startup that builds software for game streamers, is aiming to build out opportunities in bit-sized clips on mobile. The startup wants to be a hub for both creating and viewing short gaming clips but also sees a big opportunity in helping streamers cut down their existing content for distribution on platforms like Instagram and TikTok where short-form gaming content sees a good deal of engagement.
The startup announced today that they’ve closed a $7 million Series A led by Andreessen Horowitz with participation from a host of angel investors including Figma’s Dylan Field, Loom’s Joe Thomas and Plaid’s Zach Perret and William Hockey.
We last covered Lowkey in early 2020 when the company was looking to build out a games tournament platform for adults. At the time, the company had already pivoted after going through YC as Camelot, which allowed audiences on Twitch and YouTube to pay creators to take on challenges. This latest shift brings Lowkey back to the streaming world but more focused on becoming a tool for streamers and a mobile hub for viewers.
Twitch and YouTube Gaming have proven to be pretty uninterested in short-form content, favoring the opportunities of long-form streams that allow creators to press broadcast and upload lengthy streams. Lowkey users can easily upload footage captured from Lowkey’s desktop app or directly import a linked stream. This allows content creators to upload and comment on their own footage or remix and respond to another streamer’s content.
One of the challenges for streamers has been adapting widescreen content for a vertical video form factor, but CEO Jesse Zhang says that it’s not really a problem with most modern games. “Games inherently want to focus you attention on the center of the screen,” Zhang tells TechCrunch. “So, almost all clips extend really cleanly to like a mobile format, which is what we’ve done.”
Lowkey’s desktop app is available on Windows and their new mobile app is now live for iOS.
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Plaid’s Zach Perret: ‘Every company is a fintech company’
The fintech revolution is just getting started.
At least that’s the impression we got after a conversation with Plaid co-founder Zach Perret. He appeared on Extra Crunch Live last week to talk about his company’s announced exit to Visa and the larger fintech landscape.
Perret and Plaid announced a deal to sell the company to Visa earlier this year for $5.3 billion, a transaction that highlighted the company’s central position in the fintech world. Plaid provides APIs that link consumer bank accounts to apps and other financial services, making it the connective tissue of the fintech boom.
It’s probably no surprise, then, that Perret is bullish: “You’ve heard it a million times, but the quote of software eating the world [is true], and my corollary to that is [that] every company is a fintech company. And certainly every financial services company should be a fintech company.”
He said there’s lots of room left for fintech and finservices companies to create new products, which is not a bad view of the future if you want to be cheered up. Perret also noted that there are widespread opportunities for fintech companies to help underbanked people in the U.S. and abroad, which indicates a massive, untapped total addressable market.
To make sure you can take your own notes, we’ve included the full session below and excerpted a few passages from the transcript. (You can sign up for Extra Crunch here if you need access.)
Zach Perret
First up, here’s the full call:
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Plaid puts out a ‘request for startups’ in nine underserved fintech sectors
Plaid wants to make it easier for financial services companies to serve consumers and businesses, but it sees significant holes in the fintech ecosystem. As a result, the company has issued a Y Combinator-like “request for startups” to tackle particular issues where it believes significant innovation is lacking. Read More
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