Quick take:
- The fundraising values the Web3 social media platform at $75 million.
- REPUBLIK will use the funds to accelerate the development of its platform and Web3 creator tools.
- The platform has already attracted more than 500,000 users in beta across web apps, iOS, and Android platforms.
Web3 social media platform REPUBLIK has completed a $6 million seed round at a $75 million valuation. The fundraising was backed by 6th Man Ventures, Arcane Ventures, CMS Holdings, Comma3 Ventures, Define Ventures, Enjin, FBG Capital, HTX, Mirana Ventures, Oracles Investment Group, OKX Ventures, Signum Capital, Sora Ventures, and UOB Blockchain Fund.
REPUBLIK is building a decentralised platform that allows people to interact with their favourite creators by commenting on content using their images and short videos.
The company plans to use the fresh funding to accelerate the development of its platform and Web3 creator tools. REPUBLIK has already shown promise in beta attracting over 500,000 users across web apps, iOS and Android platforms, the company said in a press release on Wednesday.
Commenting on the fundraising, Daniel He, CEO of REPUBLIK said: “For too long people have given their time, attention and creativity to existing platforms for almost nothing in return. REPUBLIK is going to change that by ensuring that the value of the community is fairly distributed. We’re excited to have investors who share in our vision and partners that are helping us build a true community-owned platform.”
REPUBLIK uses a token-based reward system that allows it to offer a more compelling compensation to creators, whilst also allowing everyone using the platform to earn for interacting with content, referring friends and supporting Creators.
Each specific user’s contribution is valued in XP (a points system), while the RPK token, which can be traded on exchange platforms represents the value of the community. The more XP a user accumulates the higher the RPK tokens they receive in rewards.
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