KuCoin Ventures backs web3 social data portal Port3 Network's $3 million round

Web3 social data portal Port3 Network has raised $3 million in a seed round led by KuCoin Ventures. 

Other investors in the round include Jump Crypto, Block Infinity, SNZ, Cogitent and Momentum6, the company said in a release. 

Founded in 2022, Port3 is a data portal for acquiring and aggregating web3 social data. Co-founders Anthony Deng and Max Du refer to SoQuest as Port3's "killer app" as it enables projects to bootstrap traffic by incentivizing users to share their data through quests and rewards.

“The company's in-house algorithm refines and standardizes user data, segmenting user profiles according to preference, value & authenticity,” the company said in the release. “Additionally, Port3 offers a customizable on-chain data oracle called social data layer, which is tailor-made for web2 & web3 platforms to integrate and optimize their use of social data.” 

The startup currently has a team of 15 people and intends to use the funding to  increase Port3’s market presence and customer base, which will help to improve the portal’s data quality.  

The fundraise closed last year and used an equity plus token warrant structure, Du said.

The team sees SoQuest also being used as a way to onboard more web2 users into web3 through the tasks it offers, Du said. He hopes to have a mobile application that will enable certain web2 logins in the coming months.

Port3 isn't the only startup focused on web3 social data to raise recently. Earlier this week, Israel-based Addressable raised $7.5 million to make marketing to anonymous crypto users easier. It aims to do this by gathering social data and matching the information to crypto wallets and accounts.

Updated to include additional information about Port3's investors shared after publication.