Port3 Network Secures $3M Seed Round Investment Led by KuCoin Ventures
Port3 Network, a Web3 social data portal, has successfully closed a $3M seed round of funding led by KuCoin Ventures. The funding, which also included participation from other institutions — such as Jump Crypto, SNZ, Block Infinity, Dragon Roark, ViaBTC, Cryptonite, Lapin Digital, Cogitent, and Momentum6 — will be used to expand the platform’s market presence and customer base. The fundraising marks a significant step forward for the project as it looks to further develop its innovative and one-of-a-kind social data layer network.
Port3 Network is working on building a Web3 social data portal that focuses on three main pillars: social data acquisition, data aggregation, and a social data layer. The company’s platform leverages incentives from projects to encourage users to share their identities and data. In exchange, it helps projects bootstrap traffic through SoQuest, Port3’s proprietary software built for Web3 community engagement. The company’s in-house algorithm refines and standardizes user data, segmenting user profiles according to Preference, Value & Authenticity. Additionally, Port3 offers a customizable on-chain data Oracle called Social Data Layer, which is tailor-made for Web2 & Web3 platforms to integrate and optimize their use of social data.
The recent funding that Port3 Network has raised, led by KuCoin Ventures, will be used to increase the platform’s market presence and grow its customer base. As the company’s customer base grows, the demand for its services is likely to increase, which will lead to an expansion of the company’s resources and capabilities to meet the growing needs of its customers. By increasing market presence, more users will have access to the platform, allowing them to share their identities and data, and benefit from the incentives offered by projects. This will help to grow the community and increase engagement, which will in turn help to improve the data quality and the social data layer even more.
Enhancing the data aggregation services will lead to more accurate and refined user data, and better targeting of users based on their preferences, values, and authenticity. This will ultimately help to improve the overall user experience and drive the success and growth of the company.
Port3 Network on the Rise
The year 2022 has been a defining year for the Port3 team, who set out to make significant strides in the blockchain space. Starting off strong in March with the launch of their “starmen” community, the team has continued to make progress throughout the year. They have expanded their capabilities to support a wide range of blockchains and wallets, and have made consistent updates to the platform to ensure it remains user-friendly.
One of the team’s key goals was to build a thriving community and they have seen significant growth in their social media presence. They have built strong connections with their users, as demonstrated by their 118.9k Twitter followers, 72,711 members in their Discord community, and 31,607 Telegram announcement subscribers.
The SoQuest project has been a major focus for the team and they have seen great success throughout the year. They have reached 2.82M Discord community members and 2.45M Telegram community members, and successfully connected 210k wallets and 158k Web2 IDs. Additionally, they have built 464 partners’ spaces with 763 campaigns and have 340k users from 161 different countries. Among these users, Indonesia tops the list, followed by Vietnam and India.
On-chain achievements have also been notable, deploying 383 NFT contracts on the SoQuest NFT Factory, and minting 129,619 NFTs on the platform. This not only demonstrates the strength and reliability of their NFT technology but also highlights the level of interest and participation in the SoQuest ecosystem. Overall, the team at Port3 has made a significant impact in the blockchain space through their dedication to expanding their capabilities, building a strong community, and continuously improving the platform for users.
“We are thrilled to announce the successful closing of our $3M fundraising seed round led by KuCoin Ventures. This funding will allow us to take our platform to the next level, expanding our team, developing new features, and increasing scalability to handle more users, transactions, and data. We are excited to continue building on our achievements and providing even more value to our clients and partners in the future with the support of leading crypto institutions.” — Port3 Network team
Advancing into the Future: Port3 Network’s Next Steps
The future looks bright for Port3 Network as they continue to develop and improve their platform. KuCoin Ventures, the leading crypto institution that participated in the seed round fundraising, is confident about the project’s future.
“We are excited to be part of the development and growth of Port3 Network. The team has a clear vision and the technology to disrupt the social data industry. We are confident that with our support, Port3 Network will achieve great success in the future,” said a KuCoin Ventures representative.
Looking to the future, Port3 Network aims to lead the Web3 social data market by using incentives to get users to share their data. The team is working towards this goal by continuing to develop and improve their service, making it more user-friendly and feature-rich. The roll-out of the mainnet is an important step in achieving this goal, as it will allow to store data and connect identities in a more secure and efficient way on the platform. With the support of KuCoin Ventures and their strong track record of achievements, the Port3 Network team is well positioned to achieve their goals and continue to provide value to the whole Web3 ecosystem.
📍About Port3
Port3 is the bridge between Web2 and Web3. We are building a protocol to aggregate and standardize both off-chain and on-chain data to build a Social Data Layer that is universally accessible and powerful for Web3 use cases.
Currently, we support 9 L1s and most EVMs. All our products are currently free. Our main product is SoQuest, which is our task and minting platform that has over 30k WAU. Combined with our DAO Tools chatbot that covers 2.5m in discord and 2.5m telegram respectively. We are able to segment and profile our users accordingly.
Our vision is to help our users bridge the gap and accelerate the transition to Web3.
