Republik’s $6 Million Funding Boosts Valuation to $75 Million in Web3 Quest – Crypto Funding Making a Comeback?

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Fredrik Vold

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October 23, 2023 04:27 EDT

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Web3 social media startup Republik has announced the successful closure of its $6 million seed funding round, bringing its valuation to $75 million.

The investment round saw participation from several predominantly Asian venture investors, including OKX Ventures, 6th Man Ventures, Arcane Ventures, CMS Holdings, Comma3 Ventures, Define Ventures, Enjin, FBG Capital, HTX Ventures, Mirana Ventures, Oracles Investment Group, Signum Capital, Sora Ventures, and UOB Venture Management.

This financial boost is set to play a key role in further enhancing Republik’s platform, which is aimed at fostering novel modes of interaction and constructing cutting-edge Web3 creator tools on the blockchain intended for social media influencers.

RepubliK is pleased to announce our successful seed round of $6M at a $75M valuation. Our investors have helped move us one giant leap closer to realizing our vision of transforming social media into online communities growing, earning and creating value together.

🫱🏻‍🫲🏼 Investors:… pic.twitter.com/BWafnhiyiO

— RepubliK_GG (@RepubliK_GG) October 11, 2023

In a statement, Republik’s CEO Daniel He expressed his excitement about the company’s plans going forward:

“For too long, individuals have contributed their time, creativity, and attention to existing platforms with minimal rewards. Republik is determined to revolutionize this by ensuring fair and equitable distribution of the community’s value.”

The CEO added:

“We are thrilled to have investors who share our vision and partners actively contributing to the development of a community-owned platform.”

In contrast to conventional social media platforms, Republik harnesses the potential of Web3 technologies to streamline monetization processes for online influencers and content creators while significantly diminishing the costs borne by the creators.

This approach enables creators to retain a larger portion of their earnings and introduces a token-based reward system for user interaction, referrals, and support of creators.

The startup is planning to issue a freely traded token known as RPK.