Funds will be allocated toward developing and launching Fleek Network, a decentralized content and application delivery network
Fleek, a Web3 developer platform, announced Thursday that it has raised $25 million in Series A funding. Fleek’s Series A round was led by Polychain Capital, a premier investor in cryptocurrency protocols and companies leading the global adoption of Web3 technologies. Additional participants in the round include Protocol Labs, Arweave, Coinbase Ventures, Digital Currency Group, North Island Ventures, Distributed Global, The LAO, and Argonautic Ventures.
“The team at Fleek has a unique skill set to bring forward protocol-agnostic, decentralized hosting and a content delivery layer for Web3”
Fleek is a Web3 developer platform that enables web hosting and storage on several different web3 protocols. The current Fleek platform was built mainly on leading Web2 infrastructure providers, such as AWS and Cloudflare, which has prevented the realization of fully decentralizing Web3 hosting and content delivery. Scheduled for launch in 2023, Fleek Network will provide true decentralized and censorship-resistant content and application delivery for Web3, while still achieving Web2-like performance.
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“Fleek is providing a critical missing piece to achieving a legitimate decentralized Web3 experience,” said Harrison Hines, co-founder and CEO of Fleek. “With Fleek Network, we will be empowering developers and organizations with an easy and seamless mechanism for Web3 hosting and content delivery that will help deliver on the promise of creating a truly decentralized internet.”
Currently, many Web3 projects store and serve data for their sites, dApps, and NFTs on existing cloud platforms such as AWS and Cloudflare, leaving them vulnerable to the top-down, centralized rules of Web2 development, hosting, and content delivery. By creating a fully decentralized content delivery network that will provide censorship-resistant, high-performance content delivery, Fleek is addressing one of the biggest remaining central points of failure for the Web3 industry.
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“The team at Fleek has a unique skill set to bring forward protocol-agnostic, decentralized hosting and a content delivery layer for Web3,” said Olaf Carlson-Wee, Polychain Capital Founder and CEO. “We are excited to support the team’s efforts to bring Fleek’s technology to the crypto ecosystem broadly.”
With investment from the biggest Web3 storage protocols like Filecoin, IPFS, and Arweave, their participation demonstrates the industry’s shared recognition of the need for performant, decentralized content acceleration and delivery.
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