Phaver raises $7 million to enhance Web3 onboarding

Phaver has raised $7 million in the recent seed funding round. Investors include Nomad Capital, Polygon Ventures, Foresight Ventures, and SwissBorg, among others. This has brought the total funds raised by the company to $8 million, for a valuation of $80 million. Phaver has said it will use most of the funds to expand the team, develop products, and forge partnerships.

The central idea of raising funds is to make Web3 onboarding seamless. It has been observed that a majority of normal users avoid or skip the need to move to Web3. The sphere is identified as an area for tech-savvy or with a crypto wallet. All they have to do is integrate and get started. Phaver is attempting to change this perception by removing all hurdles that have kept normal users away from Web3 so far.

Joonatan Lintala, the Chief Executive Officer and Co-Founder of Phaver has said that they have identified a huge scope to cause disruption in the landscape of social media. Lintala has further said that they will be doing so with the assistance of blockchain technology.

Users don’t care about the underlying technology, Joonatan said before adding that their move will help drive real adoption.

Users can create, monetize, and own their profiles thanks to the social media protocol that Phaver is bringing to the market. Moreover, they can choose data-sharing options to protect themselves. Ownership of profiles and content will span over other social media platforms as well. Simply put, users will not be limited to a single network. They will, as a matter of fact, feel the benefit being spread out across the social media platforms.

Tomi Fyrqvist, the Chief Financial Officer and Co-Founder of Phaver has highlighted that the platform was only launched in May 2022. This could be a way to show the strength of the start-up, as it has achieved massive success in less than 2 years. Capital has been utilized to scale teams; additional funds will help keep that activity going.

Lintala has taken this opportunity to emphasize that the Web3 social media space is comparatively young, with just 250,000 users. Phaver has observed stable and linear growth. Phaver has been popular for crypto content, but the trend is fast changing. People have started exploring more features to learn that they can also take and share snapshots. Their own grandmother has attained the status of a small influencer by sharing the childhood snaps of Lintala.

Moving forward, Fyrqvist has said that they have plans in the pipeline to solve fascinating problems through continuous learning. They also look forward to bringing together years of experience from finance, tech, and consumer internet domains.

The recent seed funding of $7 million has brought the valuation of Phaver to $80 million, making the funds raised $8 million to date.