Report, a communications infrastructure platform for Web3, said Tuesday it has raised $10 million in oversubscribed seed funding co-led by past backers Hashed and Race Capital. OOther investors include Struck Capital, HRT Capital, Wintermute, Supercrypt founded by Temasek, bringing total funding to $12.5 million.
The 10-month-old startup aims to tackle the broken communication model in Web3, which is fragmented across multiple application and messaging platforms such as Telegram, Discord and Twitter, and across layer-1 and layer-2 blockchain ecosystems. Notifi provides communications infrastructure and software development kits (SDKs) for decentralized applications on blockchain platforms with simplified and custom notifications.
The platform enables Web3 developers to integrate multichannel communication into their applications without building the infrastructure themselves. “Notifi is similar to Twilio, but unlike Twilio, Notifi has built a Web3-native solution for blockchain developers that enables both on-chain and off-chain messaging across multiple layer-1 ecosystems,” co-founder and chief Notifi’s executive officer Paul Kim told australiabusinessblog.com.
Kim and Nimesh Amin (CTO), who previously worked at Amazon Web Services and Oracle Cloud, founded Notifi in January. Kim said the team is made up of Web 2 infrastructure builders, so they understand the importance of building and running services at scale with reliability, security, and performance.
The startup targets the Web3 ecosystem and all addressable users of Web2. “We take a pragmatic approach to solving the right customer and user pain point rather than building something no one asked for,” Kim continued. “That’s why we support both on- and off-chain messaging. Not everything has to be decentralized. As Web3 goes mainstream, the next wave of users will want a simple text or email alert when something important happens.”
Notifi, which launched its SDKs in April this year, has more than 25 customers, including: Orca, one of Solana’s largest DEXs; Zebec, treasury management for DAOs; SynFutures, Polygon’s largest derivatives protocol; Hyperspace, an NFT marketplace; Realms, Solana’s DAO governance platform and more, Kim said.
Notify will soon launch Notifi Hub, the Web3 inbox to merge cross-chain notifications and messages into a single hub, currently in beta, to provide users with a central location to store all their messages and alerts across different blockchains. track and manage wallets and dApps.
Notifi now supports Solana, NEAR and Ethereum and is expand to Polygon, Avalanche, Aptos and Sui. The company’s first launch partners include SynFutures and ZeroSwap on Polygon; Pocket Worlds on Avalanche; Pontem Networks, Aries Market and Ethos Wallet on Aptos and Sui.
The funding will help Notifi extend support to other layer ecosystems and provide developers with more tools to enable a sophisticated user experience. In addition, it plans to hire and scale its team to meet new needs of its product lines, such as notifications as a service, chat as a service, customer relationship management (CRM) and product messaging analytics tools, and more, said Kim. .
The company could compete with XMTP and Dialect in Web3 messaging. The differentiator is that Notifi’s product is designed to enable highly customizable experiences that dApps can deploy and manage, Kim said, adding that user experience developers can provide messaging and notification functionality within their native UI with a user experience that natively feels for their app or platform.
“Paul and Nimesh bring years of infrastructure experience from Amazon Web Services, Microsoft, Oracle and Circle to Web3,” said Race Capital general partner Chris McCann. “We at Race Capital couldn’t be happier to partner with them in this new round of seed funding and support them in their mission to empower all Web3 builders to better communicate and interact with their users.”
“Notifi has a bold vision to set up and maintain communications as easily as a web application,” said partner at Hashed Baek Kim. “They have built a smart, intuitive interface that simplifies the extreme complexity of building cross-chain messaging and received many early awards from Layer 1 blockchain and Web3 developers.”