Phaver Secures $7 Million Seed Funding to Expand Its Web3 Social Universe

Helsinki, Finland – October 9th, 2023 – Phaver, the leading gateway to the Web3 social universe, has successfully concluded a momentous $7 million seed funding round. This landmark achievement underscores Phaver’s commitment to reshaping the Web3 social landscape by providing support for decentralized social graphs like Aave Company’s Lens Protocol and CyberConnect, as well as various other on-chain assets including NFTs.

The roster of backers for this remarkable endeavor reads like a who’s who of the crypto and venture capital world, with prominent names such as Polygon Ventures, Nomad Capital, dao5, Symbolic Capital, Foresight Ventures, Alphanonce, f.actor, London Real Ventures, Superhero Capital, and more. SwissBorg also demonstrated its dedication to community participation by sharing its allocation, allowing thousands of users to claim a piece of the action. Remarkably, the public allocation was sold out in a mere 8 seconds, highlighting the incredible enthusiasm surrounding Phaver’s vision.

Phaver Raises $7 Million in Seed Funding to Revolutionize Web3 Social Landscape

Since its debut in May 2022 during Lens’s mainnet launch, Phaver’s “Web2.5” mobile app has been a game-changer. It offers a seamless onboarding experience to Web3, enabling users to sign up without the need for a crypto wallet. With over 250,000 downloads and a vibrant community generating over 50,000 daily posts, Phaver has become one of the most dynamic applications in the Web3 space.

Phaver’s integration of decentralized social protocols, notably Lens, empowers users to create permissionless, non-custodial social media profiles, ensuring ownership of their social graph and content. Unlike traditional Web2 platforms, where data is controlled by a single app, Lens profiles are immutable and can be used across multiple platforms, providing a blockchain-stored backup of users’ social connections.

As the first native mobile app on Lens, Phaver provides users with a familiar experience while introducing them to Web3 social. Phaver has not only become the largest Lens mobile app but has also onboarded a substantial user base eagerly awaiting their coveted Lens social profile NFTs. The Phaver Cred system, with over 75,000 connected wallets and $50 million in stored value, is testimony to its success.

Phaver’s innovative approach includes incentivized contributions, gamified rewards, and reputation-based mechanics, ensuring relevant and manipulation-resistant content delivery. Users can convert earned points into the platform’s native tokens following its Token Generation Event, unlocking various perks.

CEO and co-founder Joonatan Lintala emphasized Phaver’s mission to empower users with Web3’s core principle – ownership of data. He envisions users building their social graphs and relationships across the internet using on-chain social layers like Lens.

“Web3 is all about user ownership, and with ownership come a lot of rights, one of which is using your own data wherever you want.”

CFO and co-founder Tomi Fyrqvist expressed excitement about partnering with investors and the community to shape the next-gen user-owned decentralized web. The participation of Polygon co-founder Sandeep Nailwal and Aave Companies’ Founder Stani Kulechov further underscores Phaver’s significant role in Web3 social.

“web3 technologies allow for the opportunity to build more meritocratic systems,”

The private round included SwissBorg, which extended the opportunity to community members. This 10x oversubscribed community private sale highlights Phaver’s commitment to fairness and inclusivity. With the upcoming launch of its native token, Phaver will refine its in-app economy, focusing initially on crypto-natives and later targeting a broader audience.

Phaver’s journey exemplifies the growing momentum and excitement surrounding Web3 social platforms, promising a more user-centric and decentralized digital future.