LBRY, a New Hampshire-based venture that’s developed a new blockchain protocol and service for sharing online media, announced it has raised $500,000 in funding. The round was led by Pillar, a Boston-based venture capital firm founded this past spring by ex-North Bridge Venture Partners’ Jamie Goldstein. LBRY intends to use the funding to grow the company’s headcount and drive development of its public consumer app, which is powered by its own form of online currency.
“We have always said that LBRY will be built no matter the financial situation,” Mike Vine, co-founder of LBRY, said in a statement. “This funding allows us to accelerate our efforts. The ambitions behind LBRY are grand. Any company now serving you media – whether that is a streaming subscription or pay-per-download – is vulnerable to a market that connects creators to fans without taking a cut. The essence of entrepreneurship is finding a way to deliver greater quality at a lower price than anything that exists. We’ve found a way.”
The funding follows the launch of LBRY’s closed beta in June. Prior to this recent capital, the startup has been self-funded.
The investment is also the first one made by Pillar so far known to the public, although Pillar says it has made four prior investments in stealth mode that have yet to be disclosed. The new VC, whose co-owners include 16 CEOs and founders of Greater Boston tech companies like DraftKings co-founder and Wayfair, had announced its intention to raise $100 million for its fund in April.
Images on file. This article was updated to include information on Pillar’s stealth investments.