EtherMail, a Web3 e-mail solution, has raised $4 million under the leadership of Tim Draper. Draper, a venture investor, is known for backing popular names like Hotmail, which his email solution is trying to displace.
EtherMail Receives $4 Million in Funding as Tim Draper Joins the E-Mail Solution’s Advisory Board
Draper and his firm, Draper Associates, are leading the pre-Series A round. According to an announcement from the company, he will also join the advisory board.
“Draper Associates has an unrivaled track record when it comes to backing early-stage industry disruptors, and we’re proud to join the likes of Tesla, SpaceX, and our partners Unstoppable Domains as Draper-backed innovators. Additionally, the support of MS&AD will be invaluable as we continue our Asian expansion, setting the standard for anonymous and encrypted wallet-to-wallet communication.”
Shant Kevonian, CEO and founder of EtherMail
The insurance giant MS&AD Insurance Group, which supports MS&AD Ventures, also took part in the round.
About Seed Round
In August of last year, the company completed a $3.3 million seed round. Greenfield Capital and Fabric Ventures were among their backers. During the funding, the firm has forged a collaboration with Unstoppable Domains as well as NFT ventures like Probably Nothing and Toxic Skulls Club.
“The EtherMail team has quickly established a dominant market position at the forefront of Web3 email innovation, underpinned by a firm understanding of evolving Web3 market dynamics.”
Tim Draper
According to the company’s statement, the funding will be utilized to promote recruiting and market expansion. In addition, it is attempting to hasten the implementation of its single sign-on and advertising marketplace solutions.
About E-Mail Solution
“It is still a battle for attention, and so even if you didn’t buy anything during that campaign on Black Friday, or whatever it might be, you should still be somehow compensated because they are invading your personal space, your personal inbox.
Kevonian
EtherMail was founded in 2021. The primary mission of this e-mail solution is to reward people for reading e-mails from companies. In this direction, it aims to enable encrypted wallet-to-wallet communication. By demanding companies pay for the privilege to invade users’ inboxes, the startup is establishing a paywall solution that makes use of its EMT token to help protect users’ mailboxes.
“Time isn’t free; it’s the one thing you don’t get back. And so, if you’re spending some time, there should be some loyalty reward in that regard.”
Kevonian
Since the e-mail solution is based on conventional e-mail, users can continue to use programs like Gmail and Outlook.
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