Social platform OP3N raised $28 million in a Series A funding round led by Animoca Brands, according to a report from TechCrunch.
The fundraising efforts bring the startup's valuation to $100 million, the report said. Other investors that participated in the round include Dragonfly Capital, Galaxy Digital, Republic Crypto and New Enterprise Associates’ Connect Ventures.
Op3n's founder Jaeson Ma described the social platform as "web3 WeChat" in an interview with The Block last year. It's user interface is similar to TikTok and it aims to make it easier for creators to use web3 technology to interact with fans. It's core product is SuperApp, a chat-based app.
The singer Grimes secured funding, as part of a $100 million creator fund known as the Culture Catalyst initiative, to create an "intergalactic childrens' metaverse book" on the platform.
The startup, founded in 2021, previously raised $10 million in a seed round led by Galaxy Interactive and BRV Capital Management. Ma was previously the co-founder of 88rising, a music label that helped Asian artists cross over to the US.
The funds will be used to further develop the application and grow the leadership, said Ma in an interview with TechCrunch.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.