Blockchain startup Arweave secures $8.3M from Andreessen Horowitz, Union Square Ventures, and Coinbase Ventures

Layer 1s • March 5, 2020, 4:05PM EST
UPDATED: March 5, 2020, 6:06PM EST
The Block

Arweave, a blockchain startup focused on the permanent storage of Internet content, has raised $8.3 million in new funding  from Andreessen Horowitz, Union Square Ventures, and Coinbase Ventures. 

Both Andreessen Horowitz and Union Square Ventures have already invested in Arweave. The investment firms were named as round participants in Nov. 2019, when the startup raised $5 million.

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Founded in 2017,  Arweave went through Techstars Berlin's mentorship program in 2018 and went live in June that year. According to a press statement, the protocol now has more than one million pieces of data stored on its permaweb and nearly 200 apps built upon it. 

The fresh inflow of capital will help the firm build out a series of new initiatives, including a bid to re-invest the funds back into the Arweave community, the startup said.

One of the projects is a grant program that offers financial assistance to community projects, startups, and DAOs. Another initiative, called Arweave Boost, aims to help projects boost their growth by offering them up to $50,000 worth of storage as well as mentorship resources.

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