Lens Protocol, developed by Aave, raises $15M to expand Web3’s social layer.

The decentralized social-media platform, Lens Protocol, of lending protocol Aave has raised $15 million from a group of well-known investors. The funding round was led by IDEO CoLab Ventures and included General Catalyst, Blockchain Capital, and Palm Tree, as stated in an email announcement. Angel investors, such as Uniswap CEO Hayden Adams, OpenSea co-founder Alex Atallah, entrepreneur Balaji Srinivasan, and Polygon co-founder Sandeep Nailwal also participated in the round.

Lens, which is based on the Polygon blockchain, serves as a platform for users to create applications from a single non-fungible token (NFT) that stores their content, followers, and posts. Lens aims to revolutionize the way we create value, share, and monetize on the internet by giving ownership and social capital to the people.

Lens intends to use the funds raised to further expand its ecosystem, which Aave unveiled in February last year.

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Edited by Sheldon Reback.

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