Barcelona-based EtherMail, a Web 3.0 email solution provider, announced on Thursday that it has secured $3M (approximately €2.9M) in its Seed round of funding.
The investment was led by London-based Fabric Ventures, a VC firm that invests in scalable decentralised networks, and Berlin-based Greenfield One, an early-stage crypto and blockchain VC firm.
Julien Thevenard, Associate at Fabric Ventures says, “Web3 applications and communities rely on a range of centralised communication channels from Discord to Telegram, which unfortunately is still prone to exploits or phishing. EtherMail’s mission to become the Web3 native email has the potential to address this phishing challenge by tapping into blockchain’s security to authenticate the sender. We are aligned with this vision and are happy to be supporting the team to build the most convenient communication tool for all Web3 users.”
Besides the two lead investors, the current round was also joined in by Rene Reinsberg, the founder of Celo. Pre-registration is already open and a basic version of EtherMail is available here.
Capital utilisation
EtherMail says it will use the funds for the expansion of its team. The company also plans to utilise this fund to accelerate its solution testing as the company gears up for the Q3 release of its encrypted wallet-to-wallet email communication solution – which has already received thousands of pre-registrations.
CEO and Co-founder of EtherMail, Shant Kevonian, says, “This Seed round will help us showcase our distinct solution – which can be used by any user and any mail client – to a wide range of companies within the burgeoning blockchain space. We are providing a robust communication bridge from Web 2.0 to Web 3.0, and have already attracted interest from top platforms who want to explore partnership synergies.”
“Reimagining email for Web3”
Founded in 2021 by Shant Kevonian and Gerald Heydenreich, EtherMail claims to be the only tool in the Web 3.0 space that allows web3 companies to send rich, relevant content directly to their asset holders based on blockchain-synced real-time information. A key focus area for the company is data privacy with end-to-end encryption. The team views the Web 3.0 era as an opportunity to re-calibrate the email inbox power equation to be completely privacy-centric.
According to EtherMail, it also allows fully anonymous P2P communication and rewards its users for reading relevant content in their inboxes.
Co-founder Gerald Heydenreich, says, “Given the frequency with which holders sell their crypto and NFTs, it is extremely difficult for projects to maintain direct contact with holders of their assets. We are at the vanguard of innovation when it comes to wallet-to-wallet communication, and are building a category-leading solution that will redefine email for the Web 3.0 era – completely user-centric, secure, and anonymous. Think of gmail plus mailchimp plus blockchain that is Ethermail!”
The company’s technology enables self-updating mailing lists for community newsletter distribution based on current smart contract data and assists businesses in proactively mitigating the risk of communication fraud by alerting users in advance of breaches and vulnerabilities.
EtherMail also allows fully anonymous P2P communication and rewards its users for reading relevant content in their inbox.
Early next year, EtherMail plans to launch its own utility token, $EMT – The ERC20 token $EMT will be based on the Ethereum network. With this token, email users will be rewarded for their time and attention spent reading unsolicited emails. According to EtherMail, an estimated 320 billion emails are sent each day around the world, and this number is rising yearly.
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