OpenSocial Protocol, a Hong Kong-based composable infrastructure layer for building social applications, raised $5M in Seed funding.
The round was led by Portal Ventures and SNZ Capital. Other investors included Animoca Brands, Awesome People Ventures, Arche Fund, Decima Fund, Moonrock Capital, OKX Ventures, Orange DAO, Panony, Summer Ventures, and web3 entrepreneurs including Smokey the Bera, Brian Fabian Crain, Mike Dudas, Martin El-Khouri, Roham Gharegozlou, Don Ho, Mable Jiang, Adam Jin, Serge Kassardjian, and Jason Yano.
The company intends to use the funds to expand operations and development efforts.
Founded by Everest Ventures Group (EVG), one of the largest web3 operating groups in Asia focused on consumer applications, OpenSocial is a multichain SocialFi infrastructure protocol empowering developers and creators to build social dApps. Founded in 2023, it aims to improve community dApps with infrastructure and UI-layer composabilities, ownership of intellectual property and relationship, and monetisation and financial incentives.
EVG set aside a $15M ecosystem fund for developers to build on OpenSocial. There are also 50 additional developers building dApps on top of OpenSocial, outside of EVG. With the $15M ecosystem fund, OpenSocial has already launched its first dApp SoMon (“Social Monster”), a decentralized topic-based forum owned by users and communities with degen mechanics and sustainable rewards.
FinSMEs
28/05/2024