Arweave Raises $5M in Token Funding

arweaveArweave, a Berlin, Germany-based blockchain protocol focused on permanent data storage, sold $5M worth of tokens in funding.

The round was led by a16z crypto with participation from Multicoin Capital, Union Square Ventures, which joined previous investors 1kx and Techstars.

The new funds will be used to hire developer relations team members and support the project as it ramps up marketing and commercialization efforts this fall.

Led by Sam Williams, Founder, Arweave is a decentralized protocol that offers information permanence. The permaweb—a collection of knowledge and web applications—is built on top of the core protocol, is immutable and cannot be lost.
Arweave is generally available today and is suitable for use by journalists and publications, scholars and researchers, plus archivists and activists around the world.
The community committed over 50,000 objects in October alone and has developed over 100 apps since the mainnet launched in June, 2018.



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