July 25, 2024
OpenSocial has secured $6 million in a strategic financing round spearheaded by Framework Ventures and North Island Ventures. The funding round also saw participation from several other investors, including Hivemind Capital Partners, Stratos, Moonrock Capital, Chorus One, HV Capital, X Ventures, Gate Labs, Panga Capital, and Aspen Digital.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
OpenSocial Protocol | $6M | July 25, 2024 | Strategic Funding | $26M | Framework Ventures, North Island Ventures | Web3 |
Additionally, individual investors such as Jordi Alexander from Selini Capital, Sreeran Kannan from EigenLayer, Luca Netz from Pudgy Penguin, and Sandeep Nailwal from Polygon Labs also contributed.
This investment round has increased OpenSocial's total capital to $26 million. The company plans to utilize these funds to expand its multichain technology and to provide increased ecosystem support for web3 community applications.
About OpenSocial Protocol
OpenSocial is a multi-chain, open-source, and modular protocol that provides the necessary tools for creators to build the next generation of community applications. It offers a toolkit to compose a community app with social modules and plugins, saving months of build-from-scratch time. Creators can customize and deploy their social app effortlessly with ready-made components.
The platform empowers creators to fully claim, leverage, and realize value from their social engagement and audiences, all portable across apps. It also boosts engagement and rewards across chains, allowing customization of monetization strategies to match unique communities. OpenSocial aims to reduce friction and latency in onboarding, retaining, and growing a user base of all backgrounds with its Data Availability Layer, Account Abstraction wallets, and prepaid gas credit.
Website: https://www.opensocial.co/
About Investor
This strategic financing round was spearheaded by Framework Ventures and North Island Ventures. The funding round also saw participation from several other investors, including Hivemind Capital Partners, Stratos, Moonrock Capital, Chorus One, HV Capital, X Ventures, Gate Labs, Panga Capital, and Aspen Digital.
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