SO-COL Raises $4.5M to Expand Web3 Social Platform

SO-COL Raises $4.5M to Expand Web3 Social Platform

Influencer Irene Zhao's Web3 social platform, SO-COL, recently unveiled $4.5 million in new funding. This was first reported by The Block.

The Deets:

  • SO-COL raised a total of $4.5 million in two funding rounds. All funding rounds were token rounds, and all investors purchased SO-COL's $SIMP tokens.
    • The most recent $1.5 million round was from DWF Labs [@DwfLabs], bringing the total capital raised to date to $6.25 million (after the startup raised $1.75 million in seed funding in February 2022).
    • SO-COL also raised $3 million last May. The May round put So-Col at a $100 million valuation, according to Zhao, but she declined to comment on the latest valuation after the DWF round.
  • SO-COL plans to use new funding to expand to multiple blockchains, including Starkware.
  • SO-COL describes itself as "the all-in-one, decentralized alternative to Discord, Snapshot, and OnlyFans," and the platform allows creators to utilize NFTs for memberships and exclusive content.
    • There are approximately 300 creators on the platform, and Zhao intends to incentivize creators to join by providing $SIMP tokens and/or cash payments.
    • The plan is for $SIMP token to be listed on exchanges such as Binance, OKX, ByBit, and Bitget. The token was listed on Kucoin in January.

❗ Why It Matters

The funding success of SO-COL demonstrates the growing interest in web3 social platforms that leverage blockchain technology and NFTs.

As more creators look for ways to monetize their content and engage with their audience, platforms like SO-COL can offer new opportunities by providing a decentralized environment that emphasizes ownership and exclusivity through NFTs.

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