Phaver Secures £5.8M Funding to Simplify Web3 Social Media Onboarding

Phaver is poised to alter this narrative, especially in the realm of web3 social networks. The startup has successfully garnered $7 million in seed capital to establish a service that offers a seamless web3 onboarding process, reminiscent of traditional social media platforms, as informed to TechCrunch.

The merger of blockchain technology and social media holds immense transformative potential. However, as Joonatan Lintala, Phaver's CEO and co-founder, mentioned, "Users remain indifferent to the backend technology." To truly catalyze mass adoption, the platform's interface must mirror conventional social apps, rather than exuding an overtly technological aura.

Phaver's innovative technology is tailored for decentralised social frameworks. These frameworks empower users with the ability to craft, manage, and capitalise on their social media presence, while also bestowing full data control. This also means users maintain the rights to their profiles and content, irrespective of the social platform they engage with. As of now, Phaver's "social graph" technology has found integration with the Lens Protocol – a decentralised social media ecosystem, and CyberConnect – a prominent web3 social platform.

Esteemed investors such as Polygon Ventures, Nomad Capital, Symbolic Capital, dao5, Foresight Ventures, Alphanonce, f.actor, and Superhero Capital were part of this funding round. Notably, crypto exchange SwissBorg also marked its participation and distributed its share amongst its community.

Founded in May 2022 as a hybrid "Web2.5" mobile application, Phaver's total funding surpasses $8 million, boasting an impressive valuation of approximately $80 million, as reported by Tomi Fyrqvist, Phaver’s CFO and co-founder. This influx of funds is slated for team expansion, product innovation, and forging new collaborations.