- Lead by Paradigm, Farcaster raised $150 million in fundraising. Other investors who contributed included a16z crypto, Haun Ventures, USV, Variant, Standard Crypto, and others.
- For the rest of 2024, the company will intensify its efforts to increase the number of daily active users and introduce developer primitives.
The Farcaster team, lead by Paradigm, raised $150 million in investment for their web3 social media platform. Participating in the financing were A16z Crypto, Haun Ventures, USV, Variant, Standard Crypto, and other investors.
The increase will support our work on Farcaster for many years to come, according to co-founder Dan Romero of Farcaster, who said in a release on Tuesday.
The company is focusing twice as much on increasing the number of daily active users as well as introducing developer primitives to the protocol, like channels and direct messaging, for the remainder of 2024. Furthermore, Farcaster is employing engineers at the staff level.
Romero stated in the statement that Farcaster has witnessed 350,000 paid sign-ups and a 50x increase in network activity since being permissionless last October. A increasing variety of applications and frames are available for users to use, and hundreds of developers are working to improve the protocol.
In addition to offering users more control over their data, Farcaster is a decentralized social networking platform built on optimism that enables developers to enhance the platform with tiny apps known as “frames.”
Farcaster had discussions with venture companies in March of this year on a potential fresh fundraising round that might have resulted in a valuation of over $1 billion for the company.
Leading the fundraising effort in July 2022, a16z crypto provided $30 million in capital; Standard Crypto, Elad Gil, 1confirmation, Scalar Capital, First Round Capital, Volt Capital, A Capital, and other participants also contributed.
Support for Farcaster Arbitrum
Farcaster introduced support for the Layer 2 blockchain Arbitrum on Tuesday as well. Together with Solana and Ethereum, the move increases the number of supported networks on the platform to three.
The Arbitrum Foundation announced on the social media platform X that as of right now, Frame builders and users can create Frames with direct support for Arbitrum transactions, providing them with direct access to one of the largest blockchain communities.
From late March to April, the web3 social network experienced a rise in daily user activity.
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