May 30, 2024
Neynar, a company that provides tools for developers to build decentralized social networks, recently completed an impressive $11 million Series A funding round. The funding was led by Haun Ventures, with participation from a16z’s CSX, Coinbase Ventures, and Union Square Ventures.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Neynar | $11M | May 30, 2024 | Series A | $11M | Haun Ventures | Social |
While many developers currently utilize Neynar’s services to create social applications on Farcaster, Neynar aims to become the preferred platform for developing social protocols beyond Farcaster. Farcaster, an open-source protocol with over 378,000 users, allows developers to build social applications without seeking permission from the network. Notably, Farcaster itself recently raised $150 million in funding, with a similar roster of participants to Neynar’s. Although Neynar’s current focus aligns with Farcaster, Breck Stodghill (a partner at Haun Ventures) emphasizes that Neynar’s expansion to other protocols and infrastructure remains a possibility.
In describing Neynar’s role, cofounder Rishav Mukherji draws parallels to cloud computing, which simplifies remote storage of files, applications, and data, eliminating the need for desktop computers to be always online. Before Neynar, developers had to run costly “hubs” on Farcaster, but Neynar now provides a more straightforward solution, running the hub for developers starting at $9 per month
About Neynar
Neynar is a blockchain-based platform that equips developers with tools to create decentralized social networks. Their suite of read-and-write APIs simplifies application development, allowing developers to build social network applications on protocols like Farcaster. Farcaster, an open-source protocol with over 378,000 users, enables data ownership and control without seeking permission from the network. Neynar’s vision extends beyond Farcaster, aiming to become the go-to platform for developing social protocols across the Web3 landscape. By providing cost-effective solutions and running hubs for developers, Neynar empowers the next generation of privacy-focused and innovative social experiences.
Neynar bridges the gap between developers and decentralized social networks, emphasizing ownership, privacy, and ease of development in the evolving Web3 ecosystem.
Website: https://neynar.com/
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About Investor
Investor: Haun Ventures
Description: Haun Ventures, founded by Kathryn Haun, is a venture capital firm deeply entrenched in the crypto space. With a focus on supporting startups across the crypto technology stack, they invest at various stages, wielding a substantial $500 million early-stage fund and a $1 billion acceleration fund. Their areas of interest span creator tools, zero knowledge, decentralized finance (DeFi), NFTs, blockchain infrastructure, and more. Haun Ventures aims to shape the future of the internet by fostering innovation and privacy-centric solutions in the ever-evolving Web3 landscape .
Location: Menlo Park, CA
Website: https://www.haun.co/
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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