OpenSocial Secures $6 Million in Funding

OpenSocial has raised $6 million in strategic funding, led by Framework Ventures and North Island Ventures. Other investors in this round include Hivemind Capital Partners, Stratos, Moonrock Capital, Chorus One, HV Capital, X Ventures, Gate Labs, Panga Capital, Aspen Digital, and several angel investors like Selini Capital’s Jordi Alexander, EigenLayer’s Sreeran Kannan, Pudgy Penguin’s Luca Netz, and Polygon Labs’ Sandeep Nailwal.

This funding brings OpenSocial’s total to $26 million, which the company plans to use for enhancing its multichain technology and expanding ecosystem support for web3 community applications.

OpenSocial Protocol is designed to incorporate elements of intellectual property, community relationships, monetization, and financial incentives for web3 applications. The platform develops infrastructure for multi-chain community economies, focusing on user retention and growth while addressing bot activity.

Allen Ng, the Founder of OpenSocial, emphasized that the current Web2 social applications lack composability, interoperability, true ownership, and incentives for communities and creators. He expressed that OpenSocial aims to empower creators and communities to fully own and realize the value of their social graphs and assets, which opens new avenues for monetization and ownership within the community economy.