London-based Bundlr Network raises $5.2m seed round to build an easier, faster way to store data on web3

London-based Bundlr Network raises $5.2m seed round to build an easier, faster way to store data on web3

Published: 09-05-2022 10:16:00 | By: Pie Kamau | hits: 699 | Tags:

Bundlr Network, a decentralized platform that makes it fast and easy to store data on web3, has raised a $5.2 million seed round co-led by Framework Ventures, Arweave, Hypersphere Ventures, and Permanent Ventures. Other investors included OpenSea Ventures and Race Capital.

Bundlr is building the future of data storage by bringing the speed and ease of web2 to web3. Today, most data is stored on centralized servers that are owned by a singular entity which presents many security and manipulation risks. Bundlr solves this by offering a fast, multichain solution for users to store on Arweave, the only permanent and decentralized data storage platform that makes it near impossible to alter, censor, or hack data.

Bundlr enables the user to have instant access to their data and is compatible with leading blockchains including Ethereum, Solana, and Avalanche, allowing users to pay for data uploads in any major token. Today, Bundlr is responsible for processing over 90% of all data uploaded to Arweave.

Josh Benaron, CEO and Founder, Bundlr Network: "Bundlr is bringing speed and ease to web3 technology. Arweave promises to store your data securely for over 200 years. We are making this future possible by enabling faster and easier access by anyone, anywhere."

Decentralized, permanent storage is especially critical for the NFTs ecosystem. Contrary to popular belief, NFT's digital assets, metadata, and code are usually stored on centralized servers or non-permanent decentralized solutions, leaving the NFT at risk of being lost, hacked or stolen. This is a huge risk for creators and developers. Leading marketplaces such as SolSea use Bundlr to ensure secure, long-term storage for NFTs.

The capital raised in this round will go towards scaling its team specifically in business development, Rust developers, and marketing initiatives.