Social media network for kids raises $17 million for web3 projects
Quick Take
- US-based Zigazoo, a TikTok-like platform for children, announced it has raised $17 million, led by Liberty City Ventures with participation from the likes of Animoca Brands and Dapper Labs.
- It will use the funds to expand its web3 offerings following the launch of NFTs on the platform in April.
Zigazoo, a social media network for children, said on Tuesday it had raised $17 million in a Series A fundraise led by Liberty City Ventures.
The round brings the total raised by the company to $21 million since it launched in 2020. Other funders in the Series A include Animoca Brands, The NBA, Dapper Labs, OneFootball, Causeway, Medici VC, Lightspeed Venture Partners, Flamingo Capital, Core Ventures, Spartan Group and Charli and Dixie D’Amelio.
Zigazoo allows children to create TikTok-like videos in response to challenges set by brands and to showcase talents to friends. It has partnered with companies including Nickelodeon, Peanuts, Netflix Kids and US-based Zoos, as well as celebrities such as Dolly Parton.
In early April, the company rolled out a non-fungible token (NFT) platform, with collections from children-focused brands such as Moonbug Entertainment and Invisible Universe. With the prices ranging from $5.99 to $49.99 depending on rarity, children can use the NFTs in their videos, as their profile pictures and can trade them with other children on the platform.
“Like it or not — web3 is the future of the internet and economy, and kids need a safe space to learn about it. Child-friendly NFTs are a perfect way to introduce kids to web 3 technology and financial literacy," Zak Ringelstein, CEO and founder of Zigazoo, told The Block via email. "There are tons of fun and engaging products teaching kids how to code, but very little content that teaches kids about what blockchain technology is and what it’s capable of.”
Ringelstein said the funding will help expand the company’s presence in web3 “while building towards becoming the leading social network for kids to interact directly with creators and brands in the kids’ media space.”
It plans to continue to introduce new NFT collections, build more gaming elements into Zigazoo, and “spark joy” by using QR codes to create learning experiences through AR. It will also build out its creator and marketplace tools for creators.
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