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$24million investment values Barlett’s Web3 start-up at $160million

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A new Web3 platform, co-founded by Steven Barlett has raised $24m in Series A funding, valuing the company at $160m.

Bartlett set up thirdweb in 2021, alongside San Francisco entrepreneur Furqan Rydhan, who was behind Bebo.

Their new company helps businesses get started with NFTs, Tokens and blockchain. Its aim is to make launching a Web3 project as simple as using the Shopify platform to create an ecommerce store.

The funding was led by Katie Haun’s newly established Haun Ventures, a $1.5bn venture capital fund specialising in web3. Other backers include Coinbase Ventures and Shopify.

“The web3 projects that emerge over the next decade will be even more expansive, applying the breakthrough mechanisms of the last decade to every industry from transportation and commerce, to fashion, sports, music, and more,” explained Haun.

“We think consumer demand for digitally-native experiences and goods will continue to increase. As more people embrace these products, there will be a shift in individuals’ expectations for greater control of their personal data and a new generation of creators will demand and enjoy better economics. We think open platforms will win through loyalty, transparency, and trust by delivering better incentives than the walled gardens that came before.”

This latest investment, follows a $5m raise at its launch, from entrepreneurs, Gary Vaynerchuk; Product Hunt founder Ryan Hoover; Soona Amhaz, founder of Volt Capital; and Packy Mccormick of Not Boring.

thirdweb stated that it would be using the new funding to enhance its developer toolkit for a wider array of blockchains and to bring in more users.

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