Categories: Press Releases

Tomo Raises $3.5 Million in Seed Funding Led by Polychain Capital, Announces Tomoji Launchpad and TomoID for a Revamped Social Wallet Experience

Los Angeles, United States, April 10th, 2024, Chainwire

Innovative Web3 Social Platform Tomo Partners with Industry Leaders, Reinventing Social Media Monetization and Engagement

Tomo, an all-in-one Web3 social app, announces the successful closure of its Seed round funding led by Polychain Capital. Industry leaders like Consensys, Symbolic Capital, OKX Ventures, Nomad Capital, Story Protocol, dao5, KuCoin Ventures and HTX Ventures were among the investors. With an emphasis on integrating financial incentives into social media through blockchain, Tomo introduces an evolved social experience with its unique offerings, Tomoji – first-of-its-kind ERC-404 Launchpad on Base, and the multifunctional social wallet, TomoID.

The founder of Tomo, Ryan Fang, shares the vision, saying, “We are thrilled by the support from our investors, enabling us to innovate in the SocialFi landscape. Tomo’s mission is to pioneer a multichain Web3 Social Wallet that unlocks unique blockchain-enabled opportunities. We strive for seamless user experience while fostering new ways of connecting, gifting, and creating. Our vision extends to building a platform where every connection is valued, direct, and financially rewarding.”

Expanding its creative horizon, Tomo recently launched the ERC404 Meme Launchpad on Base chain, named Tomoji. Artist Sean Kyah Koons, in collaboration with Tomoji introduced a premier dragon-themed collection named ‘LONG’ on Tomoji Launchpad. Tomoji allows for the fractionalization of NFTs, thereby enhancing market liquidity and offering a more flexible approach to ownership. Within the Tomoji launchpad, Tomojis provide seamless minting, gifting, and trading capabilities, giving users an intuitive and interactive platform to engage with digital art. Additionally, Tomojis are tradeable on exchanges.

Following this, Tomo introduces a new feature, TomoID, along with a funding milestone. TomoID is a social wallet for content creators and businesses, featuring a link-in-bio tool and an affiliate program for crypto commissions. Users can place their unique TomoID in their social media bios, linking to a page with their profiles across platforms like Tomo, X, Instagram, TikTok, and more. Complementing these innovations, Tomo offers a reward system in the form of Tomo Points, encouraging active engagement with Tomo’s features, serving as appreciation for the loyalty and contribution of early participants.

Olaf Carlson-Wee, Founder and CEO of Polychain Capital, shared his insights on the investment, remarking, ‘At Polychain, we back founders and projects that enable new behaviors. Our investment in Tomo aligns with this philosophy as we recognize Tomo’s role in introducing an immense new user base to the Web3 space. Tomo adds financial incentives to the feedback loops already embedded in social media apps, optimizing the distribution of value created at the intersection of creators and fans.’

Tomo’s application offers accessible onboarding, interactive experiences, and earning opportunities. Tomo creates a transparent marketplace for social capital where users can engage in authentic and financially rewarding interactions. The platform features a native mobile app for iOS and Android, Web version beta, account abstraction technology, self-custody, seamless cross-chain bridging, and user-friendly fiat onramp capabilities. Signing up is straightforward with options like X, Apple, Google, and Galxe accounts. Tomo simplifies the introduction to the blockchain by automatically setting up non-custodial wallets using ERC-4337 technology and operating on secure Linea and Base rollups. The ‘Keys’ system in Tomo allows users to purchase unique access to creators’ content and direct messaging. Transactions involving these Keys carry a 10% royalty fee, split evenly between Tomo and the creators, contributing to a sustainable economy. Other features include public stories for key holders, group chats, direct messages, and simple ETH transfers.

Marco Monaco of ConsenSys commented, ‘Tomo’s SocialFi strategy is not just another “bonding curve” fork. The team focuses on the social aspect with a clear vision and innovative Web3-native ideas. This investment is not just about the team but also about a tech stack that serves as a reference implementation for dApps aiming to bring millions into Web3: mobile app, account abstraction, transparent bridging, self-custody, fiat onramp, and cooperation with the Linea ecosystem. Tomo’s approach marks a significant advancement in the dApps design and demonstrates how SocialFi can empower users and creators.’

About Tomo:

Tomo is an all-in-one Web3 social app that transforms users’ online presence into a universal social wallet, fostering genuine, spam-free connections and financial incentives. Tomo lets users engage directly with creators, participate in private discussions, and explore the new generation of digital art with Tomoji. Active participation earns users Tomo Points, enhancing your social capital. Join Tomo, where your social capital is valued.

Website – https://tomo.inc/

Blog – https://medium.com/tomoinc

Docs – https://docs.tomo.inc/

X (formerly Twitter) – https://twitter.com/tomo_social

Web Beta – https://pro.tomo.inc/

iOS app – https://apps.apple.com/us/app/tomo-inc/id6468010287

Android app – https://play.google.com/store/apps/details?id=tomo.app.unyx

LONG – https://betterbelong.io/