Web3-native Publishing Platform Paragraph Raises $1.7 Million Pre-Seed Funding
Lemniscap led a $1.7 million pre-seed fundraising round for the Web3 publishing platform Paragraph. Other investors in the round include FTX Ventures, Binance Labs, GCR, and Seed Club Ventures, according to a business announcement.
Colin Armstrong founded Paragraph in 2021 as a publishing platform that assists Web3 authors, DAOs, and NFT communities in monetizing their work through an all-in-one email service.
Paragraph aims to challenge legacy publishing giants by offering Web3 tools for content creation. Instead of paid subscriptions on a Web2 newsletter platform, such as Substack, Paragraph enables content creators and community builders to manage their audience through memberships using either NFTs or ERC-20 tokens.
According to the company, these memberships create new opportunities for engagement — gating content with NFTs or rewarding token holders to incentivize growth. Creators can either leverage their own NFTs or ERC20 tokens or choose to mint directly on the platform for a 3% fee.
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