Phaver, a startup aiming to simplify the onboarding process for web3 platforms, has raised $7 million in seed funding. The company’s goal is to make web3 social platforms more accessible and user-friendly, in order to drive real adoption and disrupt the social media landscape.
Web3 platforms, which utilize blockchain technology, have often been seen as exclusive spaces for tech-savvy individuals or crypto enthusiasts. However, Phaver believes that in order to achieve mainstream adoption, the user experience needs to resemble that of traditional social platforms, rather than a high-tech solution.
Phaver’s technology focuses on decentralized social protocols that allow users to create, own, and monetize their social media profiles while maintaining control over their data. This means that users are not restricted to a single platform and can retain ownership of their profiles and content across various networks.
The startup has integrated its technology, known as the “social graph,” with the Lens Protocol and CyberConnect, two decentralized social networking ecosystems. This integration allows for seamless onboarding and expands the reach of Phaver’s service.
The seed funding round attracted investments from Polygon Ventures, Nomad Capital, Symbolic Capital, dao5, Foresight Ventures, Alphanonce, f.actor, Superhero Capital, and SwissBorg. SwissBorg also shared its allocation with its community members as part of its participation in the round.
Phaver, launched in May 2022 as a “Web2.5” mobile app, has already gained traction with approximately 250,000 users. While initially focused on crypto content, the app is seeing a growing number of users sharing snapshots of their daily lives, including one user’s grandmother who has become a “small influencer” on the platform.
The funding will be used to scale Phaver’s team, further develop its product, and form additional partnerships. Despite the relatively young market for web3 social apps, Phaver has observed stable growth since its launch and aims to address some of the most intriguing challenges in the space.
Phaver’s efforts to simplify the onboarding process for web3 platforms have the potential to make decentralized social networks more accessible to the average individual. By providing a user-friendly experience similar to that of traditional social platforms, Phaver hopes to drive real adoption and disrupt the social media landscape in the process.