OpenSocial Protocol raises $6 million in funding from Framework Ventures and North Island Ventures

OpenSocial raised $6 million in strategic funding led by Framework Ventures and North Island Ventures.

Other participants in the round include Hivemind Capital Partners, Stratos, Moonrock Capital, Chorus One, HV Capital, X Ventures, Gate Labs, Panga Capital, Aspen Digital and angel investors such as Selini Capital’s Jordi Alexander, EigenLayer’s Sreeran Kannan, Pudgy Penguin’s Luca Netz and Polygon Labs’ Sandeep Nailwal, according to a release shared with The Block. 

The round brings OpenSocial's total funding raised to $26 million. It intends to use the funds to growing its multichain tech and including more ecosystem support for web3 community apps. 

OpenSocial Protocol builds in elements for intellectual property, community relationship, monetization and financial incentives for web3 apps. The platform develops infrastructure for multi-chain community economies, prioritizing user retention and user growth while mitigating bot activity, according to the company release.

“The walled garden approach of Web2 social applications today lacks composability, interoperability across apps, true ownership, and incentives for communities, creators and users who provide the content, attention and value for these networks," OpenSocial Founder Allen Ng told The Block. "OpenSocial hopes to solve this by empowering creators and communities to fully own and realize the value of their social graphs and assets, presenting new avenues for monetization and ownership in the community economy."