Web3 ad firm HypeLab raises $4 million in round led by Shima Capital and Makers Fund

Startups • August 11, 2023, 1:11PM EDT
Published 1 minute earlier on
The Block

Quick Take

  • HypeLab raised $4 million in seed capital in round led by Shima Capital and Makers Fund.
  • Last month, capital invested in blockchain companies fell by about 18% when compared to June.

HypeLab, a web3 advertising startup that uses on-chain data to personalize and serve ads, raised seed capital of $4 million in a funding round led by VC firms Shima Capital and Makers Fund.

Founded in part by former Google product manager Ed Weng, who has a background in digital advertising, the adtech aims to sell services to clients eager to get a headstart on connecting with the growing number of consumers embracing blockchain-enabled solutions and products.

Shima Capital General Partner Yida Gao cited the VC’s “excitement for web3 and confidence in adtech playing a critical role in the future of the ecosystem” as reasons for investing in HypeLab.

User adoption in web3

“Ads monetization is a pivotal component that will bring outside capital into the ecosystem and accelerate new user adoption in web3,” HypeLab CEO Joe Kim said in a statement. HypeLab also said it has already helped more than 50 companies “acquire new web3 users."

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The fresh capital comes during a somewhat depressed period for new investment in blockchain startups. Last month, with $818 million invested in companies working in the blockchain space, funding in dollar terms fell by about 18% when compared to June, according to The Block data. 


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About Author

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.

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