Founded in part by former Google product manager Ed Weng, who has a background in digital advertising, the adtech aims to sell services to clients eager to get a headstart on connecting with the growing number of consumers embracing blockchain-enabled solutions and products.
Shima Capital General Partner Yida Gao cited the VC’s “excitement for web3 and confidence in adtech playing a critical role in the future of the ecosystem” as reasons for investing in HypeLab.“Ads monetization is a pivotal component that will bring outside capital into the ecosystem and accelerate new user adoption in web3,” HypeLab CEO Joe Kim said in a statement. HypeLab also said it has already helped more than 50 companies “acquire new web3 users.
The fresh capital comes during a somewhat depressed period for new investment in blockchain startups. Last month, with $818 million invested in companies working in the blockchain space, funding in dollar terms fell by about 18% when compared to June, according to The Block data. © 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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