Capsule‘s plan to launch a super simple decentralized social media platform which is safe from censorship by Big Tech has advanced another stage: The nascent startup has closed a seed round of funding ($1.5M) led by Beacon Fund, a dedicated crypto fund by Polychain Capital — which is itself focused on startups building on Dfinity’s decentralized network for next-gen ‘open’ apps (aka, the Internet Computer).
As we reported in January, the idea for Capsule started with a tweet that almost immediately pulled in a pre-seed raise of $100k. That’s now been topped up with seed financing to get a prototype to market later this month.
Mobile apps are also on the cards and the funding will be used to build out Capsule’s team as well (currently it’s around four people).
Capsule founder Nadim Kobeissi, a cryptography researcher who previously authored the open-source E2E-encrypted desktop chat app Cryptocat, says they’re on track to put out an MVP this month — once they’ve made a few tweaks to the infrastructure.
“The prototype is ready,” he tells TechCrunch. “We’re investigating switching some of the infrastructure from GUN to IPFS [InterPlanetary File System; aka a p2p hypermedia protocol], and improving the user interface. We could launch an MVP now but are choosing to hold off by a few weeks.”
Polychain Capital outted its Beacon Fund last September. The $14.5M investment vehicle is funded by Polychain, Andreessen Horowitz, and (Read more...)