By George Ward
So-Col, a crypto social app by Irene Zhao, a cryptocurrency influencer, recently announced fresh funding of nearly $5 million raised across two token rounds. The crypto influencer said Blockchain Capital and DWF Labs were the key investors.
The latest round, where DWF Labs was the front runner, brought in $1.5 million, while Blockchain Capital was the leading investor for the May 2022 round, where the social app raised $3 million. As of last May, the company’s valuation was $100 million; however, Zhao declined to make any statement on the company’s valuation at the new funding round.
The round by DWF had brought So-Col’s total raised funds to $6.25 million starting from February 2022, when the firm raised nearly $2 million. DWF Labs has invested in token rounds recently, having recently invested in more than 15 startups, including Orbs, Conflux Network, and Synthetix.
Going Multichain
Most startups usually experience a surge in their token price after announcing that DWF is one of the VC investors. DWF initially invested So-Col last month, and their investment possesses a 1-year enabling period that ends next year’s February, according to Zhao.
Meanwhile, So-Col, the Ethereum-based social platform, also announced plans to expand to multiple chains and to back more Layer-2 and Layer-1 blockchains, like Starkware, following the additional DWF investment. The platform allows brands and creators to use digital collectibles (NFTs) for exclusive content and membership.
Around 300 creators currently use the platform. According to Zhao, they are working to increase the number of creators by encouraging them with SIMP tokens or cash payments. There is no fixed target amount for incentives, according to Zhao.
KuCoin listed the SIMP token earlier this year, with Zhao adding that the firm aim to list it on additional exchanges, including OKX, ByBit, Binance, and Bitget.
So-Col’s Previous Funding Round
In February 2022, So-Col announced the completion of its first funding round, during which it raised $2 million. Animoca Brands and DeFiance Capital co-led the seed round, with the participation of Mechanism Capital, Antifund, Kronos Research, and Genblock Capital.
According to a statement by the social app firm, the investment will enable the platform to develop technologies that enhance the experience for first-time cryptocurrency users and boost the engagement between creators and fans.
As a decentralized platform, So-Col serves as an alternative to Snapshot, Discord, and OnlyFans,