OP3N Secures $28 Million Series A for its Web3 AI-Powered Chat Superapp
OP3N’s $100 Million Valuation Attracts Animoca Brands, Dragonfly and Warner Music Interactive, Others as Investors to Continue its Venture into Web3 and the Metaverse
LOS ANGELES - March 21, 2023 -- OP3N, the Web3 AI-powered chat Superapp that is bridging the gap between Web2 and Web3 technologies by using blockchain and decentralized technologies to build a cohesive consumer-friendly Web3 platform, today announced that it has closed a $28 million Series A financing round led by Animoca Brands, the company advancing digital property rights for gaming and the open metaverse, joined by other leading firms including Dragonfly, SuperScrypt, CAA and NEA’s Connect Ventures, Republic Crypto, Avalanche’s Blizzard Fund, Galaxy Interactive, and Warner Music Interactive, among others.
OP3N will use the funds to further develop its comprehensive Web3 AI-powered chat Superapp, and to expand its capabilities as a centralized way to communicate within the platform. OP3N will offer users an intuitive, easy-to-use Web2 interface that’s powered by Web3 technology, which will eliminate the friction that currently exists in Web3. The chat Superapp will have the ability to include audio, video, and mixed media content to on-chain interactions, acting as a one-stop for all communication, connection and commerce.
“It’s no secret that, to date, Web3 has been a complex, cumbersome, and disconnected experience," said OP3N Co-founder and CEO Jaeson Ma. "With our chat Superapp we’re solving the issues that have been hindering everyday people from transitioning from Web2 to Web3, while providing opportunities for creators to own their ideas and IP, and connect directly to their communities without any middle layers.”
“We’ve been heavily focused on building a platform that serves as a voice for creators all around the world,” said Eric Tu, Co-founder and COO, OP3N. “With the support of our powerhouse team of investors, we can continue to build a compliant, global platform at a rapid and efficient pace.”
OP3N also plans on using the funds to grow its leadership team, which currently includes industry veterans from technology powerhouses including former WhatsApp and PayPal exec Richardo Fornari, who serves as CPO, and former Rally and Pandora exec Carol Chen, who serves as CTO.
“OP3N is creating a platform where artists and creators can significantly increase their revenue streams while enjoying true digital ownership of their assets. This model is revolutionizing the way people create and interact in the digital world in a way that Web2 simply can’t,” said Yat Siu, the Co-Founder and Executive Chairman of Animoca Brands. “Jaeson and Eric have a strong track record in media and entertainment and abundant talent and tenacity, and I believe that their vision for the OP3N Superapp could powerfully impact entertainment, community, access, and ownership.”
Additional investors participating in OP3N’s Series A include GSR Markets, The Spartan Group, BRV Capital Management, and professional basketball player Russell Westbrook, among others. In 2021, OP3N closed its seed round, with investor including Goodwater Capital, Soma Capital, 500 Global, WhaleShark, Twitch co-founder Justin Kan, The Sandbox Co-Founder and COO Sébastien Borget, and Stampede Ventures's Greg Silverman, among others.
OP3N previously partnered with the Avalanche Foundation to launch and co-finance Culture Catalyst – a $100 million initiative to redefine the entertainment business model. Culture Catalyst will fund and support the development of arts, entertainment, and culture projects on the Avalanche public blockchain. The OP3N and Avalanche initiative is designed to inspire a diverse range of Web3-based creator communities’ projects and provide funding for both major and emerging artists, entertainers, filmmakers and musicians who are looking to expand beyond traditional channels and expand paradigms for ownership.
OP3N is led by media executive, artist, and serial entrepreneur Jaeson Ma, who serves as CEO and has a successful track record launching companies including EST Studios, Stampede Ventures, East West Ventures, and 88rising; and COO Eric Tu, an award-winning development executive who previously served as the US Director of Brand Partnerships at Vice Media’s creative agency VIRTUE Worldwide and as an executive producer leading business development at Anonymous Content. Tu has worked with major brands including Nike, Beats by Dre and Google, and as an Executive Producer with Bjork, Radiohead, Kendrick Lamar and others.
About OP3N
Founded in 2021 as a subsidiary of EST Media Holdings, OP3N is a global Web3 Superapp that combines the best of Web2 and Web3 where chat, commerce, community and unique and memorable experiences are at the forefront. OP3N empowers artists to directly publish to, and engage with, their fans via exclusive token-gated access and experiences. OP3N imagines a world where Communities can come together to create, own, and bring their ideas to the world. OP3N’s mission is to be a launchpad for ideas and communities to create meaningful experiences together.
OP3N is co-led by media executive, artist, and serial entrepreneur Jaeson Ma, who has a successful track record launching companies including EST Studios, Stampede Ventures, East West Ventures, and 88rising, and who’s raised capital and advised on transactions totaling over $1 billion; and Eric Tu, an award-winning development executive who’s worked with major brands including Nike, Beats by Dre and Google, and as an Executive Producer with Bjork, Radiohead, Kendrick Lamar and others. The company is headquartered in Los Angeles. For more information, please visit: https://op3n.world
Media contact:
Natalie Yallouz / Ryan Bender
MPRM Communications
About Animoca Brands
Animoca Brands, a Deloitte Tech Fast winner and ranked in the Financial Times list of High Growth Companies Asia-Pacific 2023, is a leader in digital entertainment, blockchain, and gamification that is working to advance digital property rights and contribute to the establishment of the open metaverse. The company develops and publishes a broad portfolio of products including the REVV token and SAND token; original games including The Sandbox, Crazy Kings, and Crazy Defense Heroes; and products utilizing popular intellectual properties including Disney, WWE, Snoop Dogg, The Walking Dead, Power Rangers, MotoGP™, and Formula E. It has multiple subsidiaries, including The Sandbox, Blowfish Studios, Quidd, GAMEE, nWay, Pixowl, Forj, Lympo, Animoca Brands Japan, Grease Monkey Games, Eden Games, Darewise Entertainment, Notre Game, TinyTap, Be Media, PIXELYNX, and WePlay Media. Animoca Brands has a growing portfolio of more than 380 Web3 investments, including Colossal, Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot), Yield Guild Games, Harmony, Alien Worlds, Star Atlas, and others. For more information visit www.animocabrands.com or follow on Twitter or Facebook.