Web3 startup Fleek has recently secured a $25 million investment round headed by Polychain Capital. Coinbase Ventures, Digital Currency Group, Protocol Labs, Arweave, North Island Ventures, Distributed Global, The LAO, and Argonautic Ventures were also participants in the Series A investment.
The business is developing a foundation layer protocol that will make web3 services like storage, hosting, and billing available to everyone.
With its interface protocol layer, Fleek hopes to fill a need in the web3 infrastructure stack’s environment.
The co-founder of Fleek, Harrison Hines, claimed that the startup’s initial focus is on the market for content distribution.
Currently, Fleek fills that need, which is a significant gap in the web3 infrastructure stack. The issue affects all web3 protocols.
Fleek is concentrating on the web3 content delivery business (CDM). To offer decentralized services with web2-level expansion and performance, the startup first collaborated with web2 infrastructure service providers including AWS and Cloudflare.
However, it has subsequently switched to web3. The brand-new set of services will be provided by Fleek Network, which will debut in 2023.
In essence, Hines stated, “our idea for Fleek Network is a decentralized edge network where anyone can deploy nodes and give resources to the network.” The edge of the internet is rapidly approaching. The majority of the largest platforms relate to edges.
Despite that many well-known companies have entered the web3 space, the majority of them appear to be concentrated on consumer goods, with very few focusing on the web3 infrastructure.
Data Services in particular, where the developing sector is still far from keeping pace with web2, represents a significant gap that must be addressed.
With its interface protocol layer that seeks to emulate web2 service providers like Amazon Web Services and Cloudflare, Fleet Network could aid in accelerating this trend.
On its platform, Fleek money supports around 50,000 apps. The largest dApp network in the world, Ethereum, is home to several of these.
The business announced that it will use the new cash to develop the Fleek Network and broaden its community. Fleek is also on the lookout for fresh talent to join its staff.
The long-term objective of Fleek is to ultimately roll out its services to web2 businesses, such as “gaming platforms, streaming services, or any platform with a lot of traffic,” even though its primary objective is to create its interface protocol on web3 platforms.
“We do think Fleek Network can be an attractive option and easier jump in this industry, where huge firms are wanting to save expenses,” continued Hines.
There is no disputing that web3 is taking off quickly and has emerged as the newest online trend. Blockchain and cryptocurrency cannot be discussed without referencing web3.
Although there are very real risks associated with this developing technology and its applications, implementations for the next generation of the internet keep emerging in an increasing number of industries, with the possibility to have a significant impact.
Crypto enthusiasts need web3 platforms like Fleek for the adoption and growth of cryptocurrencies to be successful. Owing to this Investors are therefore supporting the sector.
Crypto enthusiasts need web3 platforms like Fleek for the adoption and growth of cryptocurrencies to be successful. Due to this, the industry is receiving backing from investors.
Despite that venture capitalists appear to be easing up their Web3 funding spree, Web3 is still one of the most intriguing sectors for VCs.
According to Crunchbase data, more than $23 billion was invested overall in Web3, which is usually recognized as the internet’s third generation, in 2022.
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