Web3 Social Media Platform Phaver Raises $7M Seed Investment

Phaver, a web3 platform aiming to democratise access to decentralised social protocols, has successfully raised $7 million in seed funding. The startup seeks to eliminate the perception that web3 platforms are exclusive to the tech-savvy or crypto enthusiasts. Unlike many web3 platforms requiring users to have crypto wallets, Phaver focuses on providing a seamless onboarding experience similar to traditional social platforms.

Joonatan Lintala, Phaver's co-founder and CEO, emphasised the importance of making the user experience feel like a normal social app rather than a high-tech one. He believes that users won't care about the underlying technology for mass adoption, stating, "In order to drive real adoption, the user experience needs to feel like it’s a normal social-based app, not a high-tech one."

The platform is dedicated to decentralised social protocols, allowing users to create, own, and monetize their social media profiles while maintaining control over how their data is shared. Importantly, users retain ownership of their profiles and content across different social platforms, preventing siloing onto a specific network. Phaver's technology, referred to as the "social graph," has been integrated with the Lens Protocol and CyberConnect, two decentralised social networking ecosystems.

The recent funding round saw participation from prominent investors, including Polygon Ventures, Nomad Capital, Symbolic Capital, dao5, Foresight Ventures, Alphanonce, f.actor, Superhero Capital, and crypto exchange SwissBorg. Phaver, launched in May 2022 as a "Web2.5" mobile app, has raised over $8 million to date and holds a valuation of approximately $80 million.

Tomi Fyrqvist, Phaver's co-founder and CFO, outlined the utilisation of the funds for team scaling, product development, and forming additional partnerships. Despite acknowledging the young market for web3 social apps, Lintala noted stable, linear growth since the app's launch, boasting about 250,000 users.

While initially attracting users focused on crypto content, Phaver is witnessing a broader audience sharing daily life snapshots. Lintala shared a compelling example of his grandmother becoming a "small influencer" on the app and Lens by sharing childhood pictures.

Phaver stands out for its innovative approach to crypto onboarding, allowing users to enter the cryptocurrency realm without the upfront requirement of owning a crypto wallet. Instead, users can use their email or existing social media accounts, simplifying the creation of a web3 wallet. This approach aligns with the platform's mission to bridge the gap for non-tech-savvy users in the web3 space.

Phaver's ambition extends beyond providing a social platform; it aims to unify web3 by enabling users to integrate distinct building blocks into their social graph. This includes enhancing credibility through decentralised IDs, forming communities among collectible holders, and fostering relationships through on-chain social layers, such as Lens.

With a fresh injection of capital, Phaver is poised to advance technologically and expand its presence in the web3 social ecosystem. The funding not only validates the platform's achievements but also signals a new phase focused on development, user acquisition, and an overall enhancement of the web3 social interaction experience. Phaver's journey, which began in 2022, exemplifies its commitment to making web3 accessible and user-friendly, promising a more interconnected digital future.