MeWe Secures Initial $6 Million Series B Investment to Further Integrate Web3 For Platform’s 20 Million Users
Led by McCourt Global, the funding round will support and accelerate MeWe’s ongoing migration while expanding decentralized products and services to platform users. The social media company seeks an additional $6 million to close out the Series B round.
LOS ANGELES, Oct. 9, 2024 /PRNewswire/ — MeWe, the pioneering privacy-first social media network, announced today it is launching a growth agenda to accelerate its efforts to bring Web3 to its 20+ million users. The opening of the Series B round, led by McCourt Global, will accelerate MeWe’s growth and open doors for further innovation within MeWe, including the further development of new technologies such as AI integration, the launch of new Web3 product features, strategic user acquisition through targeted marketing efforts, and the rollout of a native token to enhance user growth, platform engagement and platform utility.
MeWe has undertaken an unprecedented transformation over the past year to integrate with the Frequency blockchain and migrate its users to Web3 at scale. Since making this commitment, the platform has hit a major growth milestone and cemented its position as one of the world’s largest Web3 user bases by seamlessly migrating more than 1 million MeWe users to the Frequency chain, a Layer 1 blockchain built on the Decentralized Social Networking Protocol (DSNP) and designed to enable individual ownership of personal data and content. The project is an extraordinary validation of the technology’s dependability and scalability, a signal that social media users do not have to sacrifice privacy or data to engage online, and the foundation for MeWe to innovate and expand Web3-based experiences and opportunities for its growing user base.
“MeWe is excited to accelerate our journey to bring Web3 technologies to more of our users and continue growing our community,” said Jeffrey Edell, Chairman and CEO of MeWe. “This Series B round and the continued success of our migration to the Frequency blockchain allows us to accelerate this unprecedented transition and expand our ambitions to bring the benefits of an open, decentralized web to users of our platform in new and exciting ways. We look forward to more forward-thinking investors joining us as we continue to pioneer the future of the web.”
“MeWe is leading the tech industry into the future by demonstrating there are viable, scalable technology alternatives in our hands today that allow social media networks to protect people’s privacy and empower them with control over their own data,” said Divya Narendra, MeWe Advisory Board Member. “MeWe is on the frontlines of the broader movement to Web3, and we are proud to continue our efforts to accelerate the transition to an open, decentralized internet.”
In August, as part of MeWe’s integration with Frequency, MeWe announced that more than 600,000 MeWe users now control ownership of their complete social graph on the Frequency blockchain. That number will continue to increase over time and the Series B funding round will directly support efforts to bring more users along on this migration.
About MeWe
Launched in 2016, MeWe has amassed a global reputation as the leading privacy-first social network with over 20 million users and 700,000+ interest groups worldwide. MeWe has a strong focus on user empowerment, offering a range of features that allow users to create groups, interact and control the flow of their data. It is an ad-free platform with no targeting, news feed manipulation, or amplification of misinformation. Available on iOS, Android, and desktop in over 20 languages across 200+ countries, it prioritizes user control and privacy. Since 2021, under the leadership of CEO Jeffrey Edell, MeWe has grown and integrated the Decentralized Social Networking Protocol (DSNP) developed by Project Liberty. It now has over 1.1 million users on-chain via the Frequency Layer 1 blockchain.
For more information visit MeWe.com.
Contact: Lisa Gibbons, lisa@mewe.com
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SOURCE MeWe
