Shima Capital and Makers Fund led a $4 million investment round for HypeLab, a web3 advertising startup that uses on-chain data to personalize and distribute adverts.
Web3 Ad Firm HypeLab Announces Raising $4 Million in an Investment Round
Ed Weng, a former Google product manager with experience in digital advertising, helped launch the ad tech company, which sells services to businesses looking to gain a head start on reaching the increasing number of customers using blockchain-enabled products and solutions. On the other hand, investing in HypeLab was motivated by Shima Capital General Partner Yida Gao’s enthusiasm for web3 and conviction that ad tech will play a crucial role in the ecosystem’s future.
Venture Capitalists Tend to Invest Less
The additional funding comes at a time when venture capitalists are less inclined to invest in blockchain firms. According to The Block statistics, funding for blockchain-related businesses last month decreased by around 18% in dollar terms from June, with $818 million spent.
Ads monetization is a pivotal component that will bring outside capital into the ecosystem and accelerate new user adoption in web3,
Joe Kim, HypeLab CEO
Additionally, according to HypeLab, more than 50 businesses have already used its assistance to gain new web3 consumers.
About HypeLab
A web3 ad network called HypeLab assists companies in acquiring new users in a scalable manner. Direct asset uploads via the self-service advertiser portal are done together with serving both image and video creatives. California’s San Francisco is home to HypeLab.
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