Farcaster Raises $150 Million in Series A Led by Paradigm, Integrates with Arbitrum

May 21, 2024, 01:16 PM

Decentralized social network Farcaster has raised $150 million in a Series A funding round, elevating its valuation to $1 billion. The funding round was led by Paradigm, with significant participation from a16z Crypto, Haun Ventures, USV, Variant, and Standard Crypto. This latest investment follows a $30 million seed round in 2022 led by a16z. Farcaster, a blockchain-based platform built on Ethereum that integrates with the Arbitrum blockchain, has seen substantial growth with 350,000 paid sign-ups since October. The platform aims to combine the best aspects of Web2 social media with Web3 builder culture, and the recent funding will support further development and scaling efforts. To celebrate the integration with Arbitrum, Farcaster is hosting a 'Frame It' buildathon with $500k in retroactive rewards.