Brief: Blockchain-powered social network grabs more funding

Photo credit: Pixabay.

Singapore-based Indorse is a blockchain-based social network for professionals. Blockchain accelerator Coinsilium Group subscribed for an additional 7 percent of the fully diluted share capital of Indorse for US$257,000. Previously, Coinsilium invested US$73,000 in the startup.

Competitors: Linkedin, Steemit.com, Akasha

How it compares to competitors: Unlike other social networks, ad placements on Indorse can be bought by agencies at fixed rates, with large portions of the ad revenue being distributed directly to the users as a reward for sharing knowledge and expertise. In this way, users can monetize their activity.

Traction:  Indorse raised the equivalent of US$5.5 million in the first three days of its token pre-sale. Its token sale – or initial coin offering – will run until September 7, 2017.

Funding details

Amount raised: US$257,000
Funding stage: Undisclosed
Lead investor: Coinsilium Group
Investment type: Equity
Purpose: Building a blockchain-powered, decentralized social media platform
Total disclosed funding to date: US$330,000 from traditional funding, plus US$5.5 million from token pre-sale

Converted from Singapore dollar. Rate: US$1 = S$1.36.