Randi Zuckerberg raises $5 million in seed round for social NFT platform, KEM
Quick take:
- Randi Zuckerberg’s Social Marketplace HUG has raised $5 million in a funding round led by DIGITAL.
- OKX Ventures, the investment arm of OKX, also participated in the round.
- HUG also revealed that L’Oréal’s BOLD corporate venture fund, Venrex, Jae Holdings, Cryptology, Samara and Aa Sons joined as strategic partners.
HUG has announced a $5 million funding round led by DIGITAL, a Web3 investment firm focused on digital identity and metaverse. The fundraising also attracted participation from OKX Ventures, the investment arm of the second largest crypto exchange platform OKX.
HUG is a social marketplace founded by Facebook Live creator, Randi Zuckerberg. Zuckerberg was later joined by Singaporean investor and entrepreneur, Debbie Soon as co-founder and Chief Growth Officer. HUG offers a platform that allows artists and creators to connect with fans and sell digital and physical goods.
HUG revealed that L’Oréal’s BOLD corporate venture fund, Venrex, Jae Holdings, Cryptology, Samara and Aa Sons joined as strategic partners. The partnerships will give HUG a global footprint as it looks to implement its growth strategy.
The company plans to use the fresh capital to accelerate product growth and integrate creator-first commerce capabilities with its current stack of social curation and discovery tools.
Commenting on HUG’s vision, Founder and CEO Randi Zuckerberg expressed her excitement for building a company dedicated to democratizing access to art and changing the way artists are recognized and discovered.
Zuckerberg also praised the commitment of investors and partners who participated in the fundraising, saying: “It’s great to have the vote of confidence from some of the most experienced investors in Web3 and consumer technology to deliver a product that will disrupt a multibillion-dollar art industry while paving the way new ways for how artists and collectors will engage in the future.”
In a recent interview with CNBC, Zuckerberg said that as exciting as decentralization is, we are still far from unlocking the full potential of Web3.
In an exclusive email to NFTgators regarding the statement, Zuckerberg clarified, saying, “It’s hard to realize the full potential and promise of Web3 when people are so easily duped. The user experience also needs to be improved, and it remains a major barrier to entry for it average consumer. This only underscores the importance of education and trusted curation, which is what we provide through HUG and our community.”
HUG allows artists to create custom social profiles that they can use to showcase their collections and social links. Its community-driven curation mechanism also allows collectors to easily discover their favorite artists.
They are rewarded with KRAM points when they vote for artists. These points can be exchanged for other rewards, such as collections, NFTs and access to exclusive events.
OKX Ventures Partner Jeff Ren commented, “OKX Ventures is committed to bringing blockchain technology to the masses, and we believe HUG is leading the way by bridging NFT usage, art and the general public.”
Mark Daniel, Managing Partner at DIGITAL added, “While NFTs have created new ways for creators to monetize audiences, artists and collectors still want deeper connection and conversation. Similar to how Etsy empowered artisans and crafters to find and connect with audiences around the world at the dawn of Web2, we believe HUG can do the same for a new generation of artists expanding their business into Web3.”
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