Blockchain-based data storage protocol Arweave raises $8.3M to push growth

The Arweave protocol is a new blockchain-like data structure called the blockweave. The protocol is designed to provide scalable and permanent on-chain data storage in a sustainable manner...

Blockchain data storage protocol Arweave raises a further $8.3M to push growth

Arweave, a blockchain-based storage protocol, today announced it has raised a further $8.3 million in funding from Andreessen Horowitz, Union Square Ventures, and Coinbase Ventures. These funds will be used to further Arweave community ecosystem initiatives.

“We are excited to announce that we have raised $8.3 million in additional funding from Andreessen Horowitz and USV, and new funding from Coinbase Ventures. We are thrilled to be able to re-invest these funds directly into Arweave’s community: from builders to archivers and beyond. To be clear: This money is for you, the Arweave community. The founding team now sees it as our primary role to dispense these funds carefully to the community, in order to foster growth, usage, and decentralization of the network. As such, we will be launching a series of major initiatives to drive this mission.”
– The Arweave team

The first two of initiatives stemming from the new funding are explained below:

  1. Arweave Grants a program through which any community member can submit proposals for projects, startups, DAOs, and even marketing initiatives, to further the adoption of the Arweave protocol. The Arweave founding team will then provide funds and technical support to any “exciting, viable protocol adoption-driving activities.”
  2. Arweave Boostan offering for any project, startup, or company looking to boost their growth with the help of reliable, truly permanent data storage. Arweave is offering up to $50,000 in storage, access to the advice of core team members, as well as mentorship and feedback from its network of community members, including representatives from Andreessen Horowitz and Union Square Ventures.

In January, Arweave launched ARCA, a community-governed DAO designed to help decentralize, develop and expand the Arweave ecosystem, project, and network.

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