With 280,000 users in just two months, ONO announces its Series A funding from top blockchain and cryptocurrency VCs including, INBlockchain, China Growth Capital, Purple Cow Fund, KIP, Green Pine Capital Partners, and Grand Shores.
On June 8, 2018 ONO, creator of the first decentralized social network on EOS, announced its $16 Million in Series A funding from prominent investors including INBlockchain, (investors in Ethereum) China Growth Capital, Purple Cow Fund, a fund run by Sheng Fu (founder and CEO of Cheetah Mobile), Green Pine Capital Partners, Korea Investment Partners (KIP), and Grand Shores.
As the first decentralized social network on EOS with global ambitions, ONO was launched in April 2018 by 23 year-old Ke Xu, who founded CryptoDogs, the Chinese equivalent of CryptoKitties, and ERA, a 10 million strong social network sold last year to Cheetah Mobile for $30 Million.
As a millennial herself, and following her successes in developing successful blockchain and social networking products, Ke has developed ONO to be rooted in a much-needed solution for a social networking platform that prioritizes its user’s ownership over their own data and content. By leveraging the use of blockchain technology, ONO challenges the centralized social networking model, which non-transparently monetize its user’s data.
Filling in the gap, ONO arrives at a time when major social networks are plagued by privacy scandals, moving governments to enact newer and stricter measures to safeguard one’s privacy.
On the basis of offering a platform designed for its users’ best interests and their peace of mind, ONO to date has garnered the support of 280,000 beta users in the first two months of ONO’s launch, with a 65 percent retention rate.
“We’re overwhelmed and grateful for support for ONO by social network users that believe in our vision for a democratic and decentralized social network,” said CEO and founder of ONO, Ke Xu.
“Backed by investors who share our vision, we’re confident that ONO will someday be the model for a new generation of social networking, built using blockchain technology, and we’re excited to be paving the way to this future.”
ONO plans to use these funds to support the development of the ONO ecosystem, and the further expansion of ONO into overseas markets.
“ONO’s vision shows promise for a new generation of social networking,” said Xiaolai Li partner at INBlockchain. “We’re pleased to be supporting the next generation of social networking.”
With an eye on future-proofing its platform, ONO has announced the launch of its platform on ONO’s own mainnet based on the open-source EOS.IO software. The company plans to release the international version of its app, currently in beta, in late June 2018.
Founded in 2017 by Ke Xu, founder of ERA and CryptoDogs, ONO is a social network based on blockchain technology which focuses on the value of attention and offers a free, decentralized social platform to a new generation of social media users. ONO investors include INBlockchain, China Growth Capital, Purple Cow Fund, KIP and Grand Shores. ONO is headquartered in Beijing, China, with offices in the U.S. and Australia.
To learn more about ONO, visit https://www.ono.chat/en/
About the author:
Leah Stephens, AKA Stellabelle is the founder of a blockchain-based artist collective called Slothicorn. She’s also now the Head of International Operations at ONO. She is the author of one book, Un-Crap Your Life: Navigating Life’s Crappiest Situations.