Paragraph Raises $1.7M Pre-Seed Funding To Take On Legacy Online Publishing Giants
Paragraph, a web3-native publishing platform focused on building tools for creators, has closed a $1.7 million USD pre-seed funding round, led by Lemniscap, with participation from Binance Labs, FTX Ventures, Seed Club Ventures, GCR, and Sfermion. This represents a significant milestone for the company as it advances its goals of building Web3's most accessible and comprehensive publishing platform.
Proceeds from the fundraise will be used to expedite Paragraph's product development, user acquisition and recruitment pipeline, with a particular emphasis on scaling the company's engineering and growth teams. The news follows recent announcements around Paragraph's strategic partnerships with Coinvise, Clubs.link, Unstoppable Domains and Farcaster - extending the reach of Paragraph's proprietary Web3-native publishing solution to new swathes of global users.
Roderik van der Graaf, Founder and Managing Partner at Lemniscap said, "There is no denying the current proliferation of Web3 and blockchain technology in traditional media, alongside the rapid evolution of the Creator Economy. The confluence of these trends has created a perfect storm opportunity to revolutionize the media landscape. We are delighted to partner with the team at Paragraph to capitalize on these market opportunities, and to shape the future of digital content creation."
Paragraph seeks to offer creators both a smoother and more organized publishing experience, and the ability to own, distribute and monetise their developed content. Through the curation of NFT-based memberships, Paragraph will transfer ownership of communities back to content creators, curators, and community builders, ushering in a new era of digital content development.
Colin Armstrong, Founder of Paragraph and former Engineering Manager at Google and Software Engineer at Coinbase, commented, "Today, the Creator Economy is powering over 50 million people globally and is the fastest-growing business segment in the world. Yet, despite the significant growth in market size, the infrastructures available for creators to produce, distribute and monetise their content - while ensuring full ownership over it - remain primitive, plagued by the walled gardens of traditional web2 platforms. With the support of the largest institutional backers in the Web3 space, we are set to provide a streamlined, comprehensive, and simple way to publish content, powered by blockchain technology."
Paragraph is beginning with a focus on Web3-native writers, DAOs, and NFT communities, with potential plans to expand its footprint into traditional media in the future. Creators migrating to Paragraph can either bring their own NFTs or ERC20 tokens for gating content, or mint directly on Paragraph for a 3% fee.