Beacon Fund, a cryptocurrency fund established by Polychain Capital dedicated to investing in startups on Internet computers, led Capsule’s $1.5 million funding round
Capsule founder Nadim Kobeissi is well known in the blockchain space as the creator of Cryptocat, an open-source end-to-end encrypted desktop chat application
The funding will be used to build a prototype of the product, which will be released later this month
March 9, 2021, Paris, San Francisco and Zurich — Beacon Fund is a cryptocurrency fund established by Polychain Capital, dedicated to investing in start-ups on Internet computers. This time it led the 1.5 million investment in decentralized social media platform Capsule. USD financing. Prior to this, Capsule received a $100,000 seed investment from angel investors such as former Coinbase CTO Balaji Srinivasan, William J. Pulte, and Wamda Capital. The funding will be used to build the team, get the prototype up and running, and release the mobile app.
Last September, Polychain Capital’s Beacon Fund made its public debut — a $14.5 million joint venture between Polychain, Andreessen Horowitz (A16Z) and the DFINITY Foundation. The fund focuses on investing in entrepreneurs and teams built on Internet computers. The Internet Computer is the first blockchain computer to run at the speed of the web and with unlimited capacity.
Olaf Carlson-Wee, Founder and CEO of Polychain Capital said: “I think getting in early and trying to capture market share in the network is the proven best option. This is within and outside of the broader blockchain and crypto ecosystem. One of the surest ways to build a multi-million or multi-billion dollar business. I'm a big fan of investing in services or products that are original to a new system, not the copy-and-paste practice of porting an application directly from Web 2 to Web 3. My personal favorite One of the expected application categories is the Internet Sovereign Corporation. The entire business model - the governance and value of the business - takes place on the Internet and is not limited by the actual legal, geographical or judicial subject to the business. These types of businesses obviously need this new technology stack as the engine. Without these blockchain or Internet computer type systems, these visions really cannot be realized.”
Recently, Marc Andreesen commented on Parler's de-platforming, "Good, bad or indifferent — this thing seems to have interested the smartest people we know ...and the challenge here is to build a parallel internet or a parallel technology stack".
Likewise, Capsule founder Nadim Kobeissi expressed concern about the current state of large corporations having unilateral power to influence speech on the internet—whether it’s Twitter’s trust and safety division taking down tweets or AWS revoking access to parts of the public internet.
Nadim Kobeissi, founder of Capsule, said: "I am delighted to have received a quick response from supporters for what we are trying to achieve. Capsule understands the concerns and demands of many creators and free speech advocates. What we are doing is focused The thing is to create a decentralized discourse in a world that we think needs it very much right now."
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Tekin Salimi, Partner at Polychain and Head of Investment at Beacon Fund, said: “In the post-COVID era, we will be organizing a lot of tech conferences about crypto and the broader tech industry, and it’s a great way to meet founders and startups. Thanks Having to adapt to travel restrictions, we now spend a lot of time on community channels like Discord and Telegram. We discovered Capsule through a tweet and invested in it.”
Capsule founder Nadim Kobeissi also outlined why the Internet Computer is a natural home for a decentralized social network, “The Internet Computer enables me to define my own little blockchain [subnetwork]. I can choose and create what works best for Capsule’s use case ...when you're trying to build a product that's going to be widely adopted, then you need to build a product that's very use-case and user-experience-focused -- which translates into a more streamlined user experience, a more performant stack, and easier development A system maintained by people."
Capsule is currently recruiting people to help build its vision of a decentralized social media where content creators, authors, and thinkers have agency to protect their voices.
About Capsule
Capsule aims to provide more protective proxy mechanisms for people sharing ideas and writing content on the Internet. Founded in 2021 by cryptography researcher and Cryptocat author Nadim Kobeissi, Capsule has raised $1.5 million to build a prototype of a decentralized social media platform.
About Polychain Capital
About DFINITY
About DFINITY
The Internet Computer extends the power of the Internet from connecting billions of people (via the TCP/IP protocol) to providing a public computing platform for millions of developers and entrepreneurs (via the ICP protocol), and creates a revolutionary new The method is to build websites, enterprise systems, pan-industry platforms, DeFi applications and open Internet services. Entrepreneurs, businesses and government agencies now have a better choice to securely deploy software and services directly on the public internet, or continue to use proprietary and insecure servers controlled by the tech giants.
About Internet Computers
The Internet Computer extends the power of the Internet from connecting billions of people (via the TCP/IP protocol) to providing a public computing platform for millions of developers and entrepreneurs (via the ICP protocol), and creates a revolutionary new The method is to build websites, enterprise systems, pan-industry platforms, DeFi applications and open Internet services. Entrepreneurs, businesses and government agencies now have a better choice to securely deploy software and services directly on the public internet, or continue to use proprietary and insecure servers controlled by the tech giants.
