Farcaster raised a Series A funding of 150 million USD, with a valuation of billions of dollars.

After the latest Series A funding round, the valuation of the decentralized social network Farcaster is $1 billion.

Farcaster raised a Series A round of USD 150 million, with a billion-dollar valuation. Photo: Farcaster

According to information from CoinDesk on the evening of May 21, Vitalik’s “recommended” Farcaster app SocialFi successfully raised $150 million in Series A round, completing the $1 billion valuation target set.

Dan Romero, founder of Farcaster, has also confirmed the funding round on their application.

Paradigm fund leads the round of funding, with participation from a16z crypto, Haun Ventures, Union Square Ventures, Variant Fund, Standard Crypto, and many others.

Varun Srinivasan, another co-founder of Farcaster, shares “our philosophy from the beginning until now is to build a lean but efficient team”. According to the disclosure, Farcaster is currently operated by a team of only 13 personnel. The project is also planning to recruit more engineers.

Since its wide opening in October 2023, Farcaster has garnered 350,000 paid registrations. The peak period of Farcaster was in February 2024, where the user base saw a significant surge due to the introduction of Frames, a feature that transforms simple posts into interactive applications.

According to statistics from Dune Analytics, Farcaster currently has nearly 45,000 daily active users, an increase of 30% since February 11th in the frenzy of Frames.

The number of daily active users on Farcaster from November 2023 to present. Source: Dune Analytics (Pixelhack)

Another reason Farcaster is so popular is because of the “promotion” that comes from Vitalik Buterin. Since the Twitter hack of account X in September 2023, the Ethereum founder has looked to Warpcast as an alternative and has frequently offered winged word for protocol SocialFi its initiatives.

Announcement of today’s fundraising was released after 7 months of Farcaster mainnet deployment on layer-2 Optimism and exactly 2 years of Seed fundraising in May 2022. Romero affirmed that Farcaster has yet to use 80% of the funding from previous years.

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