Farcaster raises Series A capital of $150 million, with a billion-dollar valuation

23 May 2024

After the latest Series A funding round, the valuation of decentralized social network Farcaster is at $1 billion.

According to sources from CoinDesk late on the evening of May 21, the SocialFi application promoted by Vitalik Farcaster successfully raised $150 million in Series A round, completing the set valuation target of $1 billion.

Mr. Dan Romero, founder of Farcaster, also confirmed the capital injection on his application.

The funding round was led by Paradigm Fund, with participation from a16z crypto, Haun Ventures, Union Square Ventures, Variant Fund, Standard Crypto and many others.

Varun Srinivasan, Farcaster's other co-founder, shares "our philosophy from the beginning has been to build a lean yet efficient team." According to the disclosure, Farcaster is currently operated by a team of only 13 employees. The project is also planning to recruit more engineers.

Since opening to the general public in October 2023, Farcaster has garnered 350,000 paid subscriptions. Farcaster's peak was in February 2024, when the number of users increased dramatically thanks to the release of Frames, a feature that turns simple articles into interactive applications.

According to statistics from Dune Analytics, Farcaster has nearly 45,000 daily active users, an increase of 30% since February 11 in the Frames craze.

Another reason why Farcaster is popular is thanks to the "driving" from Vitalik Buterin. Since his X (Twitter) account was hacked in September 2023, the founder of Ethereum has sought out Warpcast as an alternative solution and often gives compliments to the initiatives of this SocialFi protocol.

Today's capital call announcement was announced after 7 months of Farcaster deploying mainnet on layer-2 Optimism and 2 years of Seed capital call in May 2022. Romero confirmed that Farcaster has not yet used 80% of the previous year's funding.

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