August 21, 2024
The Story Protocol Foundation has secured $80 million in a Series B funding round spearheaded by A16z Crypto, the digital asset investment branch of Andreessen Horowitz. This latest funding boosts the company’s total raised to $140 million, following a previous $54 million round also led by A16z Crypto. Besides A16z, the round saw investments from Polychain Capital and prominent figures like Scott Trowbridge, VP of Stability AI, Adrian Cheng, founder of K11, and digital art collector Cozomo de’ Medici.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Story Protocol | $80M | August 21, 2024 | Series B | $140M | a16z crypto | Web3 |
Story Protocol brands itself as “the world’s IP blockchain” with the goal of tokenizing the intellectual property sector, a market valued in the trillions. The company aims to tackle issues arising from the expansion of artificial intelligence (AI) and safeguard content creators from exploitation by major tech firms and large language models. Its blockchain technology is crucial for ensuring that IP rights are managed fairly and efficiently.
About Story Protocol
Story Protocol is a company that uses blockchain technology to manage intellectual property (IP) rights. They aim to protect content creators from being exploited by big tech companies and artificial intelligence. By tokenizing IP, they ensure fair and efficient management of these rights in a market worth trillions of dollars.
Website: https://www.story.foundation/
About Investor
Investor: a16z crypto
a16z Crypto is a venture capital fund that invests in crypto and web3 startups. It is part of Andreessen Horowitz and has been investing in this space since 2013. The fund supports entrepreneurs building the next generation of the internet, focusing on blockchain and digital assets. They manage over $7.6 billion across four funds.
Location: Menlo Park, CA
Website: https://a16zcrypto.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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