Orb, a Web3 social app built on Lens Protocol, has been gaining traction in the crypto industry recently. As a community-focused social application with chat and community features, Orb allows users to connect with friends and join like-minded groups. With the popularity of Web3 and crypto continuing to grow, Orb’s unique social offering has captured the attention of many top investors. In this article, we will provide an overview of Orb’s major funding rounds, look at its valuation history, and summarize the key institutional investors involved.
Orb’s $2.3 Million Pre-Seed Round in September 2022
In September 2022, Orb announced the closing of a $2.3 million pre-seed funding round. The round was led by Superscrypt, with participation from Founders Inc, ArkStream Capital, LD Capital, and others. Orb planned to use the fresh funding for product development and business expansion. This initial influx of capital helped validate Orb’s Web3 social vision and granted the flexibility to start scaling up operations.
Key Investors in Orb’s Early Funding Rounds
Some of the most notable investors involved in Orb’s early funding rounds include:
– Superscrypt: A DeFi hedge fund and investor in Web3 protocols and applications. They led Orb’s $2.3 million pre-seed round.
– ArkStream Capital: An investment firm focused on backing leading projects in the blockchain industry.
– LD Capital: A prolific crypto venture capital firm with over 300 portfolio projects.
– Foresight Ventures: A VC firm investing in blockchain, AI, cloud and frontier tech startups.
– Aave Companies: The venture arm of Aave, one of the largest DeFi lending protocols.
Having the buy-in from these specialized Web3 venture funds provides validation for Orb’s model and puts them in a strong position for future growth.
Valuation History and Funding Milestones
As a recently launched startup, Orb does not have an extensive valuation history yet. However, we can deduce some key points about its progress:
– September 2022: Orb raises $2.3 million pre-seed at an undisclosed valuation. As a startup raising a smaller, early round, valuations at this stage tend to be lower.
– In total, Orb has raised about $3.5 million in known funding as of September 2022.
– The involvement of top specialized crypto funds like Superscrypt and participation from Lens Protocol’s founder indicates investor excitement about Orb.
– Future funding rounds will provide more transparent valuation figures to benchmark Orb’s growth against other social and crypto startups.
While still early, Orb’s ability to attract premier Web3 investors highlights the potential value proposition of social applications being built for the crypto space using decentralized infrastructure.
Outlook for Orb’s Growth Trajectory
Orb finds itself in the nexus of two burgeoning tech sectors – social media and Web3. Both of these markets represent massive opportunities over the next 5-10 years. Orb’s unique approach of fusing social interaction with decentralization could position it well if adoption of Web3 gains significant traction.
That said, Orb is still in the very early stages, and faces stiff competition from entrenched social media giants who are also exploring Web3 and crypto integration within their platforms.
If Orb can continue demonstrating user growth and retention over the next 12-18 months, it can solidify itself as a leading social application for Web3 natives. Further funding rounds from prominent crypto investors will also provide capital and connections to fuel expansion.
Overall, Orb’s experienced founding team and thoughtful design have given it a promising start. But sustaining momentum in the dynamic crypto industry while also competing with some of technology’s largest giants will undoubtedly present challenges down the road.
In summary, Orb has made significant progress securing funding from top crypto venture funds like Superscrypt, ArkStream, and Aave Companies. While still early stage, Orb’s $3.5 million in funding to date validates investor excitement about decentralized social networks. If Orb can leverage its war chest to gain adoption and scale its platform over the next year, it has potential to be a leading social interface for Web3 and crypto users.