Singapore-headquartered global technology company REPUBLIK has announced raising $6 million in its Seed funding round that valued the company at $75 million.
The round saw participation from leading 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.
In a statement, REPUBLIK said the capital raised is instrumental in building its platform and developing cutting-edge, web3 creator tools on the blockchain.
Currently in beta across web app, iOS, and Android platforms, REPUBLIK has garnered substantial traction, empowering creators with new ways to interact and get rewarded for their contributions to the platform.
“For too long people have given their time, attention and creativity to existing platforms for almost nothing in return. REPUBLIK is going to change that by ensuring that the value of the community is fairly distributed. We’re excited to have investors who share in our vision and partners that are helping us build a true community-owned platform,” REPUBLIK’s CEO Daniel He said.
Unlike traditional social platforms, where monetization options are fragmented and often come with high fees, REPUBLIK uses Web3 technologies to streamline the entire process, drastically reducing costs borne by Creators.
This results in Creators keeping a significantly larger share of their earnings, but also enables a token-based reward system that allows everyone to earn for interacting with content, referring friends and supporting Creators.
Headquartered in Singagpore, REPUBLIK has offices in Berlin and Los Angeles.
BusinessNewsAsia.com