In the most recent round of seed fundraising, Phaver has raised $7 million. Among the investors are SwissBorg, Nomad Capital, Polygon Ventures, and Foresight Ventures. With an estimated value of $80 million, this brings the company’s total funding raised to $8 million. According to Phaver, the majority of the funding will be used to build partnerships, develop products, and grow the workforce.
Making Web3 onboarding seamless is the main goal of the fundraising effort. The bulk of regular users appear to avoid or forego the requirement to switch to Web3. The sphere is designated as a space for tech-savvy or cryptocurrency wallet owners. They simply need to assimilate and begin. Phaver is making an effort to alter this impression by removing all barriers that have previously prevented regular people from using Web3.
The Chief Executive Officer and Co-Founder of Phaver, Joonatan Lintala, has stated that there is a significant opportunity to disrupt the social media ecosystem. Lintala has added that they will use blockchain technology to facilitate this.
Joonatan stated that users don’t care about the underlying technology before adding that their action will promote true adoption.
Thanks to the social media protocol that Phaver is introducing to the market, users may build, make money from, and control their profiles. Additionally, students have options for data sharing that will keep them safe. Other social media networks will also fall under the ownership of profiles and material. Users won’t be restricted to a particular network, to put it simply. They will actually notice how the profit is dispersed across the social media channels.
Phaver’s co-founder and chief financial officer, Tomi Fyrqvist, has emphasised that the platform was just introduced in May 2022. Given that the start-up has had enormous growth in less than two years, this could be a way to demonstrate its strength. Teams have been scaled with capital; more funding will support the continuation of this effort.
With only 250,000 subscribers, Lintala has used this occasion to emphasize how new the Web3 social media arena is. Phaver has noticed a consistent, linear increase. Although Phaver has been well-liked for its cryptocurrency coverage, this is quickly changing. More functions are now being investigated by users, who have discovered that snapshots may also be taken and shared. By sharing Lintala’s childhood photos, their own grandmother has become a minor influencer.
According to Fyrqvist, there are future plans to use continuous learning to find solutions to exciting challenges. Additionally, they are eager to combine their years of expertise in the financial, technological, and consumer internet sectors.
The current seed fundraising of $7 million increased Phaver’s valuation to $80 million, bringing the total amount raised to this point $8 million.