- Blockchain project announces the completion of $5 million funding round
- Big names contribute to the round
- Arweave and permaweb
Arweave, a blockchain project designed to combat link rot and build a permanently accessible web, has announced the completion of a $5 million funding round. The funding, led by leading blockchain investment firm a16z, will support Arweave’s goal of building the permaweb: an always accessible internet that does not degrade through linkrot, censorship, or sunsetting.
The project, founded in 2017 by a Berlin-based team of TechStars graduates, has made significant inroads towards its goal of building a distributed web that ensures information is always accessible. Since launching its mainnet in mid-2018, Arweave has spawned a thriving ecosystem of publications, journalists, scholars, researchers, archivists and activists committed to utilizing its storage capabilities. More than 100 Arweave-based apps have been created and more than 45,000 items committed to the permaweb being woven.
Andreessen Horowitz Leads an All-Star Round
The investors in Arweave’s $5M round read like a who’s who of blockchain VC, including contributions from some of the best-known names in the space. Andreessen Horowitz, aka a16z, led the funding round, which also included Kyle Samani’s Multicoin Capital and Fred Wilson’s Union Square Ventures. Previous Arweave investors include 1kx and Techstars.
“Arweave’s mission is to become the new Library of Alexandria, but invulnerable to the pitfalls of centralised points of failure, ensuring that humanity’s shared knowledge and history is available to all future generations,” said Arweave founder Sam Williams. “We have achieved exceptional growth in a small period of time. With Multicoin, USV and a16z joining 1kx and Techstars, we now have the support of the very best backers in the space.