The startup, aiming to establish a decentralized information market, intends to utilize the funds to advance its protocol’s development.
Freatic, the visionary pioneer behind the creation of a decentralized information market, has achieved a significant milestone by securing $3.6 million in funding through a robust investment round spearheaded by the esteemed venture capital powerhouse, Andreessen Horowitz (a16z). This substantial influx of capital represents a pivotal moment for Freatic, as it embarks on the ambitious endeavor of constructing the fundamental infrastructure for its information-centric protocol, as outlined in their official announcement.
Even in the face of a challenging market climate where many cryptocurrency projects grapple with funding constraints, a16z has consistently stood out as an unwavering and formidable investor, thanks to its substantial financial resources. Notably, a16z set industry records in June 2021 with a remarkable $2.2 billion raised for its third crypto-focused fund, and further cemented its position with an astounding $4.5 billion fourth fund in May 2022.
Freatic’s overarching mission revolves around the seamless connection of individuals possessing valuable information, such as insights into potentially lucrative real estate transactions, with those who possess the expertise to effectively translate that information into action. This visionary project is the brainchild of the team behind the renowned platform HotNewCrypto, which has earned acclaim for its provision of crucial information on under-the-radar crypto projects to potential investors.
Building upon this foundation, the Freatic team has embarked on two groundbreaking experimental initiatives within the realm of decentralized information. The Alpha Factory, operating on the Polygon blockchain, is dedicated to curating invaluable crypto insights, while the Capture the Alpha experiment, based on Arbitrum, introduces a competitive on-chain reputation system.
Ali Yahya, an esteemed general partner in a16z’s crypto division, underscored the significance of Freatic’s mission, stating, “New bits of information often propagate inefficiently within informal trust networks. Freatic is leveraging the power of cryptography and game theory to establish a robust decentralized ecosystem for the exchange of information.” Yahya further expressed a16z’s unwavering belief in Freatic’s vision for a decentralized information market and its enthusiastic commitment to supporting its continued development.
In addition to Andreessen Horowitz, this funding round welcomed participation from a consortium of reputable venture capital firms, including Anagram, Archetype, Not3Lau Capital, and Robot Ventures. Additionally, data storage protocol Arweave joined the roster of esteemed backers, among others, further attesting to the promising future of Freatic’s pioneering mission.