Lens Protocol, a revolutionary web3 product with a mission to establish a decentralized social networking ecosystem, has successfully raised $15 million in funding, according to an exclusive announcement made to TechCrunch by the protocol’s team. The protocol is currently in development by Aave, a web3 technology firm that enables users to borrow and lend various crypto tokens, among other functionalities. Aave has so far raised $49 million in known funding.
Lens Protocol aims to integrate the best elements of the traditional internet with a focus on web3 innovations to create a more democratic, fair, and equitable social media network. Aave Companies CEO Stani Kulechov emphasized the importance of not allowing large entities like Meta, which owns Facebook, Instagram, and WhatsApp, to take over and control the future infrastructure of social media networks. The goal of the protocol is to empower individual users to control their data and the manner in which it is shared.
The Lens Protocol’s target is to build a social media network that is beneficial not only to its users but also to developers and other contributors, according to Kulechov. The funds raised will help to broaden the protocol’s ecosystem as well as further its development. There is currently no available valuation.
IDEO CoLab Ventures led the latest funding round, with participation from venture capital firms such as General Catalyst, Variant, and Blockchain Capital, as well as DAOs like Flamingo DAO, DAOJones, Punk DAO, DAO5, and Global Coin Research.