Tapestry secured 5.75 million USD in Series A funding, with a total valuation of 35 million USD. This round was co-led by Union Square Ventures and Fabric Ventures, contributing significantly to Tapestry’s total funding of 12.5 million USD since its inception.
Utilizing Solana’s state compression technology, Tapestry allows developers to seamlessly add social features to blockchain applications. Unlike competitors like Farcaster and Lens, Tapestry plans to expand into various blockchain ecosystems beyond Ethereum.
Operating on a freemium model, Tapestry will initially offer free access, charging for higher API usage. Future plans include implementing a modest protocol fee for data transactions, aiming to foster independent app development.