Fileverse, a Web3 workspace and file management tool, raised $1.5 million in a pre-seed round.
According to a news release issued by the company, the investment was led by venture capital firm Factor and privacy-focused Gnosis Chain. Provider of cryptocurrency wallets Secure social media privacy fix In addition to Mask Network, other angel investors in the round included Web3 credentials network Galxe, decentralised file storage Arweave Ecosystem and its ecosystem incubator Forward Research, and former Coinbase employee Balaji Srinivasan.
By granting users more control over their personal data, Fileverse is a decentralised file management and collaboration service that seeks to provide a substitute for centralised services like Google or Notion. To avoid depending on a single server provider, the platform makes use of smart contracts and keeps encrypted data on the InterPlanetary File System (IPFS), a well-known peer-to-peer file sharing network established by Filecoin (FIL) development company Protocol Labs. Additionally, Fileverse created a solution that, by virtue of cryptographic encryption, complies with the GDPR, a European data privacy standard.
Lukas Schor, co-founder and CEO of Safe, stated in a statement that “many research and engineering has gone into crypto infrastructure and account abstraction in the past years.” “Fileverse is looking to bring these advancements to a range of on-chain tools for communication and collaboration.”
The investment was made during a taxing crypto winter, when cryptocurrency companies are having difficulty raising new funding. A three-year low was reached in venture capital fundraising, according to figures from Messari earlier this month.
Through grants and donations from the Gitcoin community, Polygon, ENS, a16z, Filecoin, and Aurora, Fileverse was able to raise almost $280,000 last year.