So-Col (Social Collectables), a Web3 social platform founded by crypto influencer Irene Zhao, has announced new funding of $4.5 million in two rounds.
Web3 Social Platform So-Col Unveils $4.5 Million in New Funding
The latest round, worth $1.5 million, was exclusively backed by web3 investment firm DWF Labs, announced Tuesday. So-Col raised $3 million in a round led by Blockchain Capital last May, Zhao said in an interview with The Block. The May round raised a valuation of $100 million, Zhao said, though she declined to comment on the valuation of the recent DWF round.
The latest round brings So-Col’s total funding to date to $6.25 million after the startup raised $1.75 million in seed funding in February 2022. Zhao said all three funding rounds were token rounds, meaning investors bought So-Col’s Simp tokens.
DWF Labs recently started supporting token rounds. The company has invested in over 15 startups over the past few months, including Conflux Network, Orbs and Synthetix. Most of these startups’ tokens have increased in price after DWF, which is also a market maker, announced an investment. DWF made its first investment in So-Col in February this year, Zhao said. The investment has a one-year lockup period until February 2024, Zhao added.
Platform’s Future Plans
With new investment from DWF, Ethereum-based So-Col will go multi-chain and support more layer 1 and layer 2 blockchains, including Starkware, according to Zhao. As a Web3 social platform, So-Col enables creators and brands to leverage NFTs known as “Collectables” on the platform as the foundation for memberships and exclusive content.
So-Сol currently has around 300 developers using its platform, and Zhao said it is looking to attract more developers by incentivizing them with simp tokens or cash payments. According to Zhao, the startup doesn’t have a set targeted incentives amount. So-Сol’s simp token will be listed on KuCoin in January, and the platform will aim to list the token on other exchanges, including Binance, OKX, ByBit and Bitget.
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