Hang Acquires $16m From Series A Funding Round Led by Paradigm
- As indicated, the funds will help Hang develop features and recruit teams that will help advance its “speed and scaling”.
A Web 3.0 outlet identified as Hang has acquired $16 million from a Series A funding round. Today, the Firm disclosed the development, citing that notable investment firm, Paradigm led the round.
Hang and its Market Outlook
Notably, other firms like Tiger Global Management, Thirty-Five Ventures, and Night Ventures among others participated in the round. Hang is an outlet that helps firms connect with their community. Worth noting, that the outlet allows firms to put up regulations, incentives, and third-party packages.
Using NFT, the outlet rewards community members based on their commitment to their desired brands. Meanwhile, the outlet is planning a partnership with global brewer, Budweiser. Also, this partnership includes football news platform, Bleacher Report and event organizing company, Superfly.
As indicated, the funds will help develop features and recruit teams that will help advance its “speed and scaling”. While engaging the press in a mail conversation, the CEO of Hang, Matt Simon made some revelation.
According to Simon, the outlet helps brands to negate acquisition expenses and expand the value of their community. This is achievable by using NFTs to enhance connection with their community. A connection based on rewards and smooth interaction, the CEO added.
Institutional Cash Flows to Crypto
Furthermore, Paradigm is one of the biggest investment organizations in the cryptocurrency space. Last year, the company smashed the record for the biggest investment fund in the space. Recall, that in November 2021, Paradigm initiated a fund of $2.5 billion. Subsequently, making history as the biggest investment fund in the cryptocurrency space.
The record ousted the previous one set by Andreessen Horowitz around June. Paradigm, initiated by one of the founders of Coinbase, Fred Ehrsam invested $2.5 billion in startups.
Then, the company intended to invest the fund into its existing system. Meanwhile, the fund became acquired during a period when Bitcoin and Ethereum enjoined their all-time highs. Meanwhile, both Paradigm and Andreessen Horowitz are forced to reckon with the space. On different occasions, the two firms have set and smashed records for the highest investment round.
Additionally, in May 2022, Andreessen Horowitz announced how it acquired a record-breaking $4.5 billion. The organization intended to invest the funds in Crypto and Web 3.0 firms. Recording about $7.6 billion from four rounds aimed at assisting virtual assets firms. The announcement revealed that a part of the acquired funds will go into seed investments, while others will fall into venture investments.