January 17, 2025
Tapestry, a social graph protocol built on Solana, has finalized a $5.75 million Series A funding round. Union Square Ventures and Fabric Ventures co-led the investment, with additional backing from Stellation Capital, Slow Ventures, and Foresight Ventures. The round, initiated in May 2024 and completed in August, involved priced equity and token warrants, CEO David Gabeau confirmed.
The latest funding assigns Tapestry an equity valuation of $35 million, with its token network valued at $70 million. This marks a significant step for the protocol, which facilitates the integration of social functionalities into blockchain-based applications. Utilizing Solana's state compression technology, Tapestry enables reduced transaction costs, a feature that has proven instrumental in scaling decentralized projects.
About Tapestry
Tapestry offers a decentralized social graph protocol using Solana’s Layer 1 state compression for cost efficiency and plans to expand into ecosystems like Aptos and Monad. Operating on a freemium model, it provides free basic access with charges for higher API usage, while a network-wide fee for data transactions is also being considered.
Website: https://www.usetapestry.dev/
X: @usetapestry
About Investors
Union Square Ventures
Union Square Ventures invests across various sectors, including Web3 and blockchain technologies.
Location: New York, NY
Website: https://www.usv.com/
Fabric Ventures
Fabric Ventures specializes in funding startups within the decentralized and blockchain ecosystem. The involvement of these firms reflects their commitment to advancing blockchain-based innovation and further strengthens Tapestry’s strategic position.
Location: London, England
Website: https://www.fabric.vc/
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