Today, Intract announced a $3M venture capital fundraise that included gumi Cryptos Capital alongside Alpha Wave Global, BITKRAFT Ventures, Polygon Ventures, Tokentus, MoonPay, Web3 Studios, and others.
Intract is gaining tremendous traction and building a large network effect around web3 incentivized marketing and distribution. The birth of the Internet featured such emergent giants like Google which ended up dominating the distribution effect, coordinating search and all aspects of the flow of information on the Internet. Based on our belief in new protocols, we believe that the distribution giants of web3 are just being born. We think there are tremendous opportunities for network effects to grow around communities, and a profitable and growing startup like Intract with an astonishing 2 million active users and over $1B in total volume suggests that Intract is well on its way to becoming such a behemoth. Much in the way that we saw OpenSea as an eBay like universal store that grew rapidly with the birth of the Internet, we see Intract as being a discovery service for web3–perhaps more like a Google but with inherent mechanisms for incentivization, which is a pillar of Web3.
As with all of our investments, we are absolutely delighted to work with a world-class team. In this case, the team is led by Sambhav Jain, a graduate of the esteemed Indian Institute of Technology (IIT) Delhi. One of the top technical institutes in the world. With his experience as an investor with Blackstone and head of growth at Hog DAO, he has the right blend of technical acumen, Web3 distribution experience, and access to capital that we expect of our entrepreneurs. Sambhav has a deep conviction in Web3 and a palpable passion for the space. Despite his top-tier education, he remains very easy to talk to and well able to get the most out of any interaction or VC meeting. We have the highest confidence in Sambhav. He has executed tremendously well, including developing a unique partnership with Polygon that culminated in a 300k user influx into his system.
While we recognize that the incentivized discovery space is a crowded one, we feel that the deep fundamental technological approach and entrepreneurial energy evidenced by the strong traction and the achievement of profitability under strong bear market conditions are all indicative that we have a future market leader on our hands. We are delighted to be working with Sambhav and his team.