• Lens Protocol, a social layer for web3, has raised $15 million in funding.
• IDEO CoLab Ventures led the funding round with participation from other VCs and angel investors.
• The new app prioritizes decentralization, allowing users complete control of their profiles, connections, posts, and data.
Lens Protocol Raises $15 Million
Lens Protocol has raised $15 million to develop decentralized blockchain-backed social media. IDEO CoLab Ventures led the funding round alongside other venture capitals such as General Catalyst, Variant, Blockchain Capital, A. Capital, Seed Club Ventures and more. Notable angel investors such as Hayden Adams (Uniswap CEO), OpenSea co-founder Alex Atallah and former Coinbase CTO Balaji Srinivasa also contributed to the fundraising.
Decentralized Social Media Platform
The Lens protocol will deploy the funds for continued development of its ecosystem that benefits web3 users, creators and builders. The new app prioritizes decentralization by giving users full control over their profiles, connections, posts and data. Creators can easily switch to a new platform taking along their content and followers with them.
Vision of Lens Protocol
The vision of Lens is to accelerate adoption of the next-generation internet powered by human connection – people-powered social layer according to Stani Kulechov founder of Lens Protocol. He believes that it creates an open equitable and democratic internet secured by blockchain technology governed by participants which would revolutionize the internet landscape introducing novel monetization models and profitable businesses sharing revenue equitably with creators/users etcetera.
Funding Round Comments
Nick van Eck partner at General Catalyst noted that Lens’ efforts are geared towards building a platform that empowers users creators & entrepreneurs using its open source technology algorithms & data which could potentially transform social networking as we know it today.
Takeaways
Lens Protocol has raised $15 million for developing decentralized blockchain backed social media solutions from various venture capitalists & angel investors including General Catalyst Variant Blockchain Capital A Capital Seed Club Ventures Hayden Adams OpenSea co-founder Alex Atallah & former Coinbase CTO Balaji Srinivasa among others aiming to give users full control over their profiles connections posts & data while introducing novel monetization models benefitting all stakeholders in the network
