December 18, 2024
Lens, a SocialFi-focused blockchain platform developed by Avara, has completed a $31 million funding round. The round was led by Lightspeed Faction, with additional investments from Circle, Consensys, Wintermute Ventures, Foresight Ventures, Avail, and several angel investors. The capital will support the platform’s infrastructure as it prepares for its mainnet launch in early 2025.
Designed for decentralized social and financial applications, Lens provides developers with modular tools such as account systems, feeds, and monetization options. The platform is built using ZKsync and Avail for scalability and data availability, respectively. Lens has partnered with various organizations, including Alchemy, Chainlink, The Graph, MetaMask, and Uniswap, to support its ecosystem.
Avara, formerly Aave Companies, launched Lens in 2022. The company rebranded in 2023 and has since focused on expanding its blockchain-based offerings, including a $250,000 grant program for developers working on Lens. The platform’s mainnet launch on Ethereum is scheduled for early 2025.
About Lens
Lens is a blockchain platform developed by Avara, designed to facilitate decentralized social and financial applications. Built on ZKsync and Avail, it offers scalability and efficient data management. The platform's mainnet launch is scheduled for 2025 on Ethereum.
Website: https://www.lens.xyz/
X: @LensProtocol
About Investor
Faction
Faction is a venture capital firm that invests in blockchain and Web3 projects. The firm focuses on supporting scalable technologies and decentralized applications at various stages of development.
Location: Menlo Park, California
Website: https://www.faction.vc/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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