Quick take:
- The fundraising brings the total raised to $12.5 following a $4 million seed round disclosed in January 2022 and an undisclosed $2 million extension.
- Tapestry CEO David Gabeau told The Block the round closed at an equity valuation of $35M and token valuation of $70M.
- As part of the deal, members from Union Square Ventures, Fabric Ventures and Stallan Capital joined Tapestry’s board.
Tapestry, a Solana-based social graph protocol has announced a $5.75 million Series A round co-led by Union Square Ventures and Fabric Ventures. The fundraising also attracted the participation of Stellation Capital, Slow Ventures and Foresight Ventures.
According to the announcement, the fundraising brings the total raised to $12.5 million, following a $4 million seed round announced in January 2022 and an undisclosed $2 million extension raised the same year.
Tapestry CEO David Gabeau told The Block all fundraisings were structured as a simple agreement for future equity (SAFE) with token warrants, with the latest funding raised at an equity valuation of $35 million and token valuation of $70 million.
As a part of the deal members from Union Square Ventures, Fabric Ventures and Stallan Capital joined Tapestry’s board.
Tapestry offers a Web3 social network infrastructure, that allows developers to build different types of apps with social features. Comparable to the Ethereum-based Farcaster, Gabeau highlighted some distinctive differences between his platform and Farcaster, saying: “Unlike Farcaster and Lens, which operate on hubs or Layer 2 networks, Tapestry leverages Solana’s state compression on the Layer 1,” Gabeau explained.
“We found this possible after using state compression technology to mint NFTs on Primitives, our first app. Compressed NFTs, only possible on Solana, made mint costs basically zero and our engineers foresaw that it could do the same for the transactions that represent social graph data on blockchains.”
The platform’s revenue model allows developers to gain access for free, opting to charge for higher API usage. However, Gabeau maintains in the future, a small protocol fee for reading and writing data may be shared with the network.
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