Phaver has secured $7 million in its latest seed funding round, with investors including Nomad Capital, Polygon Ventures, Foresight Ventures, and SwissBorg, among others. This brings the total funds raised by the company to $8 million, with a valuation of $80 million. Phaver intends to allocate most of the funds towards expanding its team, developing products, and establishing partnerships.

The primary objective behind raising funds is to facilitate seamless onboarding onto Web3. Currently, many ordinary users shy away from transitioning to Web3, perceiving it as a realm limited to tech-savvy individuals or those with cryptocurrency wallets. Phaver aims to challenge this perception by eliminating barriers that have deterred regular users from embracing Web3 thus far.

Joonatan Lintala, CEO and Co-Founder of Phaver, expressed their ambition to disrupt the social media landscape using blockchain technology. According to Lintala, users are not concerned about the underlying technology; they are simply looking for genuine adoption. Phaver's social media protocol allows users to create, monetize, and own their profiles while providing options for data-sharing to protect their privacy. This ownership extends across various social media platforms, ensuring users are not confined to a single network.

Tomi Fyrqvist, CFO and Co-Founder of Phaver, emphasized the startup's rapid success since its launch in May 2022. Despite its relatively young age, Phaver has achieved significant milestones, with funds being utilized to scale teams and further enhance operations.

Lintala highlighted the nascent stage of the Web3 social media space, which currently boasts around 250,000 users. Phaver has experienced steady growth and is evolving beyond its initial focus on crypto content. Looking ahead, Phaver plans to address intriguing challenges through continuous learning, leveraging expertise from finance, technology, and consumer internet sectors.

Overall, Phaver's recent seed funding round has propelled its valuation to $80 million, with total funds raised reaching $8 million.