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Sending Labs Secures $12.5 Million To Build ‘Web3 Communcation Stack’

Web3 communications project Sending Labs raised a $12.5 million seed round led by Insignia Venture Partners, MindWorks Capital and Signum Capital. 

The deal, which closed last month after founders Mason Yang and Joe Yu began fundraising in August, featured participation from K3 Ventures, LingFeng Innovation Fund, UpHonest Capital and Aipollo Investment. The valuation was not disclosed. 

Along with the funding round, the company is also launching its two flagship products in beta. SendingMe is its encrypted chat platform where users can not only grow followers but also monetize a project of their creation through peer-to-peer swaps, marketplaces, airdrops and NFT auctions. The project says that the platform is powered by decentralized protocols.

The funding will be used to accelerate its integration with other Layer 1s and Layer 2s — it plans to add Avalanche and Arbitrum as well as non-EVM chains like Solana and Sui. The extra cash will also be funneled toward the development of sector-specific SDKs and the launch of a community ambassador program. 

(By Tom Matsuda)

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