May 28, 2024
Open Social Protocol, a blockchain infrastructure company focused on social applications, has successfully raised $5 million in seed funding. The round was led by Portal Ventures and SNZ Capital, with participation from a mix of prominent venture capitalists and web3 entrepreneurs.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Open Social | $5m | May 28, 2024 | Seed | $5m | Portal Ventures & SNZ Holding | Social |
Open Social provides developers with the tools they need to build social applications on the blockchain (dApps). Their open-source platform offers a modular design with easy-to-use components like feeds, chat rooms, and social graphs. This allows developers to quickly and cost-effectively assemble social dApps with features like on-chain governance, token issuance, and community monetization.
The Open Social team believes social interaction is poised to become a major driver of mainstream blockchain adoption. They point to the historical dominance of social media platforms in the web2 era, and predict a similar trajectory for SocialFi in the web3 space.
Everest Ventures Group (EVG) backs Open Social, a leading Asian web3 company with over 300 developers and experience building consumer applications. EVG has also allocated a dedicated $15 million fund to support developers building on Open Social.
Open Social is already home to its first dApp, SoMon, a decentralized forum with user-owned communities and built-in economic incentives. Several other SocialFi projects, like Zeek, a decentralized collaboration network, are also set to launch on Open Social soon.
Open Social's investors are enthusiastic about the company's potential. They highlight the team's deep understanding of both traditional social media and crypto preferences, as well as their strong execution capabilities with successful dApps already launched.
Open Social aims to become the foundation for a thriving ecosystem of community-driven social experiences on the blockchain. Their modular approach, coupled with significant backing and a focus on mobile-first markets, positions them well to capture a significant share of the growing SocialFi market.
About Open Social
OpenSocial Protocol makes building social applications on the blockchain (dApps) a breeze for developers and empowers creators to thrive. This multichain platform boasts a robust social network structure (social graph) and modular building blocks. With OpenSocial, developers can target content promotion to specific user groups, ensuring everyone involved benefits financially through a system of fair value distribution. OpenSocial equips developers with the best data, tools, and financial systems to build their creations, aiming to become the foundation for a massive, multi-chain social economy.
Website: https://www.opensocial.co/
X Account: @OpenSocialLabs
X Followers today: 64,600
About Investor
Investor: Portal Ventures
Description: Portal Ventures is a New York-based venture capital firm that invests in early-stage companies in the software, cryptocurrency, and infrastructure sectors. The firm was founded in 2022 and its manifesto states that they believe protocol business models will define the next generation of the economy, and they aim to accelerate this transition.
Location: United States
Website: https://portal.vc/
Investor: SNZ Holding
Description: Identifying and advancing early-stage (Angel, Seed, and Series A) opportunities in the digital asset, blockchain, and Web 3.0 industries.
Bridging the gaps between Web 2.0 and Web 3.0, the West and East, and early and late-stage ecosystem participants and builders in different roles.
Maintaining a long-term view, creating network effects, and providing visionary founders with expertise, connections, and resources since the early stages.
Location: United States
Website: https://snzholding.com/
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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