October 6, 2023

Web3 Social Platform Phaver Raises $7 Mln in Seed Funding



Phaver, a Web3 social media platform, has raised $7 million in seed funding.

According to a recent statement, the funding round included notable investors such as Polygon Ventures, Nomad Capital, Symbolic Capital, dao5, Foresight Ventures, Alphanonce, f.actor, Superhero Capital, and others.

The Phaver mobile app allows users to access cryptocurrency without requiring a crypto wallet. Individuals can use their email or existing social media accounts to sign up and create a web3 wallet at a later stage. This wallet can be used to display digital assets such as NFTs or connect to other social blockchain networks like Lens.

“Phaver’s mission is to connect the entire web3 by allowing users to bring in their own building blocks for their social graph, whether that means building credibility with a decentralized ID, finding community among holders of the same collectibles, or building relationships across the entire internet with on-chain social layers like Lens,” Phaver CEO Joonatan Lintala said in the statement.

Lintala stated that users who own important portions of the social network should receive a fair share of the profits and have a voice in significant decisions.

Phaver was introduced in 2022 on Lens, a blockchain mainnet supporting web3 social platforms.

The funding for startups in the crypto industry has decreased to levels seen in Q4 of 2020 due to the ongoing bear market.

Messari, a blockchain analytics firm, reported that crypto startups raised a total of $2.1 billion in Q3 of 2023, down 36% from the previous quarter and almost 70% from Q3 of 2022. Seed funding was the largest fundraising category, with $488 million raised in 98 deals.

Researchers noted that there has been a significant shift towards early-stage projects over the last three years, with less than 1.4% of deals involving companies at the Series B round or later.

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