Finnish startup Phaver raises $7M to make Web3 onboarding easier

Helsinki-based Web3 platform Phaver has raised $7 million in a seed funding round to make onboarding to web3 social platforms more accessible, TechCrunch reports. The investors are Polygon Ventures, Nomad Capital, Symbolic Capital, dao5, Foresight Ventures, Alphanonce, f.actor, and Superhero Capital.

What Phaver has to offer?

• Launched in May 2022, Phaver is a web3 social platform where users can create, own, and monetize their social media profiles. As the platform is fully decentralized, it allows for full control over how users’ data is shared.
• The company bets on user-friendly approach, trying to replicate the comfort of the existing social media, as they believe it will help with the Web3 onboarding. The company has so far integrated its tech with the Lens Protocol, a decentralized social networking ecosystem, and CyberConnect, a Web3 social network.
• To date, Phaver has raised over $8 million and has a valuation of about $80 million. According to the startup’s co-founder and CEO Joonatan Lintala, the platform currently has about 250,000 users who are mostly focused on crypto content, although it’s growing a number of regular users.

Who invested?

• The list of investors includes: Web3-focused VC firms Polygon Ventures, f.actor, as well as crypto-native funds Nomad Capital, Symbolic Capital, dao5, Foresight Ventures, and Alphanonce.
• Superhero Capital is also among the investors. It is a seed stage-focused VC investing in insight-driven startups in Finland and the Baltics. Recently, the firm backed Finnish re-commerce shop Mjuk and invested in Finnish SaaS startup Videobot.
• Crypto exchange SwissBorg also participated in the round and shared its allocation with its community members, per a statement.

Phaver will use the capital to scale the team as well as for product development and additional partnerships.