OpenSocial Protocol has successfully raised $5 million in seed funding to accelerate the growth of SocialFi super apps. Backed by prominent investors like Portal Ventures and SNZ Capital, OpenSocial aims to become a leading infrastructure layer for social applications. This funding round, which began in December 2023 and closed in January 2024, is supported by a $15 million ecosystem fund from Everest Ventures Group (EVG), designed to empower developers and creators in building social dApps.
OpenSocial's modular design and multichain approach offer a robust platform for developers, providing tools for creating emotionally captivating and financially rewarding social experiences. With features like on-chain social graphs, decentralized communities, and various plug-ins, OpenSocial is set to revolutionize the SocialFi landscape. The platform's first dApp, SoMon, is already live, showcasing the potential of truly decentralized, user-owned social networks.
EVG has deployed a team of 30 in-house builders and collaborates with over 50 additional developers to build on OpenSocial. This initiative aims to tap into the massive user base in Asia, where social media adoption is at its peak. OpenSocial's vision is to empower communities with self-sovereign identities and better-aligned financial incentives, transforming the way we interact digitally.
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