Phaver, a startup dedicated to revolutionizing the onboarding experience for web3 social platforms, has successfully raised $7 million in seed funding. The company aims to create a user-friendly web3 onboarding process that is reminiscent of traditional social media platforms. With this funding, Phaver plans to develop a service that allows individuals to seamlessly join decentralized social protocols and have full control over their social media profiles and data sharing.
Key Takeaway
Phaver has secured $7 million in seed funding to develop a user-friendly onboarding experience for web3 social platforms. By creating a familiar and accessible interface, Phaver aims to drive adoption of decentralized social protocols and empower users with full control over their social media profiles and data sharing. With over 250,000 current users and steady growth, Phaver is poised to make a significant impact on the web3 social media landscape.
Creating a User-Friendly Web3 Experience
Web3 platforms have long been reserved for tech-savvy individuals with a deep understanding of cryptocurrency. The onboarding process often involves setting up crypto wallets, which can be intimidating for non-crypto-native users. Phaver intends to change this by providing a user experience that feels familiar and accessible, rather than high-tech and intimidating.
Phaver’s technology focuses on decentralized social protocols that enable people to create, own, and monetize their social media profiles while retaining control over their data. This means users are not limited to a single social network and can seamlessly interact across different platforms. Integration with the Lens Protocol and CyberConnect, two decentralized social networking ecosystems, has already been achieved.
Seed Funding and Partnerships
The $7 million seed funding round attracted investments from prominent venture capital firms, including Polygon Ventures, Nomad Capital, Symbolic Capital, dao5, Foresight Ventures, Alphanonce, Superhero Capital, and crypto exchange SwissBorg. The round also featured participation from the SwissBorg community members.
Since its launch in May 2022 as a “Web2.5” mobile app, Phaver has raised over $8 million and is now valued at approximately $80 million. The funds will be allocated towards team scaling, product development, and forging new partnerships.
Observing Growing User Adoption
Phaver’s co-founder and CEO, Joonatan Lintala, acknowledges that the market for web3 social apps is still young. However, the company has seen steady and consistent growth since its app’s launch, currently boasting around 250,000 users. While the majority of users initially focused on crypto content, there has been an increasing number of individuals sharing everyday moments and experiences on the platform. Lintala even mentions his grandmother becoming a “small influencer” by sharing childhood pictures of him on the app and the Lens Protocol.
