HypeLab Secures $4 Million in Funding to Advance Web3 Advertising
HypeLab, a pioneering web3 advertising firm, has successfully procured $4 million in a seed funding round. The venture was steered by prominent venture capital firms Shima Capital and Makers Fund. This investment is set to bolster the startup’s mission to capitalize on the burgeoning web3 space and offer unique advertising solutions driven by on-chain data.
The startup boasts of its co-founding team, which includes Ed Weng, a former Google product manager seasoned in digital advertising. With the rising trend of consumers gravitating towards blockchain-enabled products, HypeLab is positioned to offer services that cater to this niche market, helping brands gain a competitive edge.
In an era where web3 technologies are heralding a new frontier in the digital landscape, HypeLab’s efforts resonate well with investors. Yida Gao, General Partner at Shima Capital, expressed their venture’s motivation, highlighting their “excitement for web3 and confidence in adtech’s indispensable role in the ecosystem’s future” as the impetus behind their investment in HypeLab.
Putting emphasis on the pivotal role of ads monetization in the web3 realm, HypeLab’s CEO, Joe Kim, commented, “It’s a key mechanism for introducing outside capital into the ecosystem, inevitably catalyzing the acceleration of new user adoption in web3.” The company has already set a commendable track record, aiding over 50 firms in onboarding new web3 users.
However, it’s worth noting that the blockchain industry has witnessed a recent dip in investments. Last month saw a decline of roughly 18% in the capital funneled into blockchain startups, amounting to a total of $818 million, as per data from The Block.
On the operational front, HypeLab promises a seamless advertising experience for its clients. Their platform is tailor-made for web3 advertisers, offering a unified portal to manage both image and video creatives. Additionally, for brands that might lack the creative resources, HypeLab extends design services to craft compelling campaign assets.