- Lens Protocol has completed a $15 million funding round led by IDEO CoLab Ventures.
- The round also attracted participation from Venture capital firms General Catalyst, Variant and Blockchain Capital.
- Flamingo DAO, DAOJones, Punk DAO, DAO5 and Global Coin Research were among the DAOs that joined the round.
Lens Protocol has announced a $15 million funding round led by IDEO CoLab Ventures. The fundraising also attracted participation from leading VCs including General Catalyst, Variant and Blockchain Capital. Flamingo DAO, DAOJones, Punk DAO, DAO5 and Global Coin Research were among the DAOs that joined the round.
There were also several angel investors in the round including Uniswap CEO Hayden Adams, OpenSea co-founder Alex Atallah, entrepreneur and investor Balaji Srinivasan, Sandbox co-founder Sébastien Borget and Polygon Co-founder Sandeep Nailwal, among others.
Lens Protocol is a decentralised social networking ecosystem developed by the crypto lending protocol Aave. The company aims to decentralise social media by giving users power and control over their data.
Aave Companies CEO Stani Kulechov told TechCrunch his company is trying to blend the best of the web to try to bring new innovations to the internet that are “more equitable, fair and democratic for social media networks.”
Kulechov cited the dangers of having tech giants like Meta own and control the future infrastructure for internet and social media networks saying, “When there’s a powerful incumbent, it creates less say for users and less choice as well, not just in web3 or on the internet, but in any industry.”
Lens Protocol will give power and control to users, enabling them to decide how it is shared. This will not only benefit the users, but everyone who contributes to the network, including developers, said Kulechov.
According to the Aave founder, Lens Protocol will use the fresh funding to ramp up the development of its platform and expand its ecosystem.
According to Kulechov’s LinkedIn profile, the web3 developer has been building the Aave ecosystem since 2017 and has been in Beta since May 2022.
“Our roadmap is going to continue to be on a beta phase for a while and down the line our goal is to completely open the protocol access, but for that to happen the infrastructure and ecosystem has to grow further,” Kulechov said.
In February, Lens Protocol revealed it has reached a milestone of over 100k profiles on its platform. The protocol also introduced a new feature in January 2023 that allows creators to launch token-gated content.
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