Functionland Raises $1.1M to Challenge Subscription Models In Web3

In a funding round oversubscribed by more than 40%, Functionland attracted $1.1M in investment capital from important international players including Outlier Ventures, Protocol Labs, Master Ventures, Delta Blockchain Fund, and others.

“We’re excited about what this funding means for our projects,” said Keyvan Sadeghi (CEO, Functionland). “Our mission is to create a cloud service alternative with built-in incentives for open-source developers to create on the platform. We already took an important stride forward when our photo storage app – Photos – was recognized by developers as in the top three percent of open-source projects globally. This funding helps us push even further ahead, supporting additional Borg Network development and our crowdfunding campaign for Box hardware.”

Box by Functionland is a plug-n-play hardware solution that promises a secure, subscription-free alternative to cloud storage. The company plans to launch its product on Kickstarter, and interested parties can subscribe here for updates and a 50% discount on launch day.

This initial development stage has seen Functionland establish a number of mutually beneficial business relationships, including a working relationship with Protocol Labs that benefits its Borg Protocol. (Borg Protocol leverages IPFS and Libp2p technologies to facilitate p2p network transactions.)

“Protocol Labs is committed to supporting projects with decentralization as a core principle of their vision,” said Brad Holden (investments lead, Protocol Labs), “Functionland’s development of blockchain-attached storage is an effort to decentralize cloud services and democratize the internet through the creation of a freer, more innovative Web3-based experience.”

Functionland’s primary goal – to develop blockchain-attached storage in order to decentralize cloud services – is attracting interest from high-profile Web 3.0 investors all over the world, including Outlier Ventures (UK); Protocol Labs (USA); Tenzor Capital (Russia); Pinnacle Venture (India); Contango Digital Assets (Canada); Meta One Capital (Canada); Delta Blockchain Fund (USA); Master Ventures (Hong-Kong); DoraHacks (China); MaxStealth (Australia); MKD Capital; NxGen xyz; Oddgems.

Functionland has also established partnerships with leading Web 3.0 companies including Dfinity, Crust Network, Filecoin, and Cudos Network.