OpenSocial Protocol Receives $6M Strategic Backing Led By Framework Ventures And North Island Ventures For Next-Gen Social Apps

OpenSocial Protocol (OpenSocial), a multi-chain, open-source, and modular protocol providing the tools for creators and builders to build community applications announced today a $6 million strategic backing led by Framework Ventures and North Island Ventures.

The strategic backing attracted many other key investors, including Stratos, Moonrock Capital, HV Capital, Chorus One, X Ventures, Gate Labs, Hivemind Capital Partners, Regan Bozman (Lattice Capital), Panga Capital, and Aspen Digital. OPenSocial Protocol also received support from super angels like Jordi Alexander (Selini Capital), Yaoqi (Altlayer), Robinson Burkey (Wormhole Foundation), Cygaar (Abstract), Luca Netz (Pudgy Penguins), Mik Naayem (Dapper Labs), Muddy Water, Gabby Dizon (YGG), Sandeep Nailwal (Polygon Labs), Sreeram Kannan (EigenLayer), and more.

The new funding brings OpenSocial Protocol’s total funding to $26 million. OpenSocial Protocol had raised $15 million from its ecosystem and a previous $5 million from seed funding.

Commenting on the funding, Allen Ng, Co-Founder of OpenSocial Protocol, stated:

“The strategic backing accelerates OpenSocial’s ability to deploy its infrastructure across all major chains and ecosystems, launch a user-friendly platform where creators, moderators, and users can easily build communities, and develop new dApps tailored for the existing Web3 culture and communities. We aim to help empower and launch 1,000 community apps by 2025.”

As a product of Everest Ventures Group, OpenSocial Protocol lowers entry barriers for users looking to create their next-gen community app. The multichain social infrastructure was created to empower creators to build community apps effortlessly.

Just recently, OpenSocial Protocol welcomed its first app SoMon (Social Monster), a Reddit-like forum built to empower communities with true ownership. Launched on June 19, SoMon hit 30,000 onchain users in just two weeks. So far, SoMon has recorded an average engagement time of close to 20 minutes with over 300k on-chain transactions. In the coming days, the plans are to bring yet another app, Zeek, a social collaboration network created to enable users to harness the value of their community-building networks. This will be done through on-chain social bounty mechanics and reputation building.

OpenSocial Protocol is paving the way for a future where users can cultivate meaningful statinable data ownership and social connections. OpenSocial Protocol enables creators and communities to compose apps quickly and cost-effectively using its modular design. The design comes with an easy-to-deploy social tools using a multichain approach. OpenSocial Protocol’s features are either on-chain or off-chain. These features include comments, feed, chatroom, text/video/posts/audio, reactions, share, voting, tribes (user and topic-based communities), on-chain social graphs (social data and structure), and plug-ins that include (token issuance, DAO tools, betting, voting, bounties, matching, mini-games).