Finance Aave’s Lens Protocol Raises $15M to Expand ‘Social Layer’ of Web3
• Aave’s decentralized social-media platform, Lens Protocol, has raised $15 million in funding from a group of high-profile investors.
• IDEO CoLab Ventures led the round, which included General Catalyst, Blockchain Capital and Palm Tree.
• Lens Protocol aims to transform the way we create value, share and monetize on the internet by putting ownership and social capital into the hands of people.
Lens Protocol Raises $15M
Aave’s decentralized social-media platform, Lens Protocol, has raised $15 million in funding from a group of high-profile investors. IDEO CoLab Ventures led the round with backers such as General Catalyst, Blockchain Capital and Palm Tree also participating. Uniswap CEO Hayden Adams, OpenSea co-founder Alex Atallah, entrepreneur Balaji Srinivasan and Polygon co-founder Sandeep Nailwal joined the round as angel investors.
What is Lens Protocol?
Lens serves as a platform for users to build applications from a single non-fungible token (NFT)-based platform that stores their posts, followers and content. By putting ownership and social capital into the hands of people, Lens aims to transform the way we create value, share and monetize on the internet.
Funding Allocation
The funds raised will be used to continue expanding its ecosystem which was unveiled by Aave earlier last year.
Competition & Expansion
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Conclusion
Lens Protocol’s latest funding round will be used to expand its ecosystem while providing users with more control over their digital assets and online presence by putting ownership and social capital into their hands.