Andreessen Horowitz leads $5M round in blockchain-based internet archive
November 5, 2019, 2:38PM EST
1 min read
Arweave, a blockchain protocol focused on storing internet information permanently, has secured $5 million in venture funding led by Andreessen Horowitz.
Announced on Tuesday, the seed round was reportedly oversubscribed, with participation from Multicoin Capital, Union Square Ventures, 1kx, and Techstars. The firm's solution, the permaweb, allows internet users to permanently record digital files such as webpages, emails, and social media posts on its blockchain through the Arweave browser extension.
Founded in 2017 by Ph.D. dropout Sam Williams, Arweave went through Techstars Berlin's mentorship program in 2018 and went live last June. According to a company statement, over 45,000 objects were stored on the permaweb in October alone and over 100 apps have been built on the Arweave mainnet.
Describing Arweave's mission as "to become the new Library of Alexandria," Williams hopes that storing information on blockchain can help ensure "that humanity’s shared knowledge and history is available to all future generations."
“The core concept of the Permaweb is foreign to most people because it’s an entirely new market that has never existed before. We don’t expect Arweave to replace the Internet Archive; rather, we expect the market to expand exponentially as there are many verticals beyond internet archiving that want permanent storage but didn’t know it was possible before," said Multicoin Capital managing partner Kyle Samani.
Williams said that the newly raised capital will help fund the company's developer outreach and adoption efforts.
The Block Research was commissioned by Forte to create “Blockchain-Based Gaming: A Primer” which provides a comprehensive introduction to how blockchain technology is being employed in video gaming experiences.
“It’s a global development.” On this episode of The Scoop, 10T Founder and CEO Dan Tapiero joined host Frank Chaparro to discuss his insights into the globalization of crypto markets and how his macro investing strategy has seen his fund 10T pour hundreds of millions into crypto unicorns. To date, Tapiero has already allocated the […]
The U.S. Securities and Exchange Commission is said to be allowing the first Bitcoin futures exchange-traded fund (ETF), per a Bloomberg report. The publication said in a report on Thursday night that the U.S. regulator “isn’t likely to block the products from starting to trade next week,” citing people familiar with the matter. The report […]