Web3 Social Data Portal Port3 Network Raises $3M in Seed Round Led by KuCoin Ventures
In Brief
Port3 Network is focusing on building a Web3 social data portal that focuses on social data acquisition, data aggregation, and a social data layer.
Port3 offers a customizable on-chain data Oracle for Web2 & Web3 platforms to integrate and optimize their use of social data.
Funds will be used to increase the platform’s market presence and customer base.
Web3 social data portal Port3 Network has announced today that it has closed a $3 million seed round led by KuCoin Ventures. The round saw participation from Jump Crypto, SNZ, Block Infinity, Dragon Roark, ViaBTC, Cryptonite, Lapin Digital, Cogitent, and Momentum6.
Port3 Network is building a web3 social data portal that focuses on social data acquisition, data aggregation, and a social data layer. The company’s platform encourages users to share their identities and data, rewarding them with incentives like whitelist airdrops, NFT and crypto tokens from projects in its ecosystem.
Its proprietary software, SoQuest, is a protocol that aggregates and standardizes both off-chain and on-chain data to build a social Data Layer for web3 community profiling and engagement.
On SoQuest, web3 projects can create tasks for users to complete. These tasks – which usually include holding a relevant NFT, following the projects on Twitter, and joining the projects Discord – allow Port3 to acquire social data.
Its in-house algorithm then refines and standardizes user data, segmenting user profiles according to preference, value, and authenticity to generate a unique Soul Bound Token, which will serve as a social pass to its ecosystem. As users build a trustworthy profile, they can unlock more value and rewards.
Additionally, Port3 offers a customizable on-chain data Oracle called Social Data Layer, which is tailor-made for web2 and web3 platforms to integrate and optimize their use of social data.
The fresh capital will be used to increase the platform’s market presence and customer base, which, in turn, will enhance Port3 Network’s data aggregation services. So far, Port3 has partnered with over 500 web3 teams to allow its users to join web3 campaigns via SoQuest.
“We are thrilled to announce the successful closing of our $3M fundraising seed round led by KuCoin Ventures. This funding will allow us to take our platform to the next level, expanding our team, developing new features, and increasing scalability to handle more users, transactions, and data,” the Port3 team said in a press release.
Over the past year, VC firms have been pouring capital into web3 social networks, platforms, and protocols. Last month, Plai Labs – a social platform leveraging web3 and generative AI technology – founded by former Jam City and Myspace executives, raised $32 million in a seed round led by a16z.
Web3 social network, DSCVR, raised $9 million in a seed round led by Polychain Capital last July, while DeSo, the layer-1 blockchain powering content-rich decentralized social applications, has raised a total of $200 million in funding from Sequoia, Andreessen Horowitz, Coinbase, CAA, and others.
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About The Author
Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via cindy@mpost.io with press pitches, announcements and interview opportunities.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via cindy@mpost.io with press pitches, announcements and interview opportunities.
