Community Labs Raises $30 Million To Build Tools, Product And Onboard 1000 Developers To Arweave
Software development company and venture studio products and protocols maker, Community Labs, has raised $30 million to boost Arweave adoption – a feat targeted at onboarding 1,000 developers and founders, its Founder Tate Berenbaum said.
The round was led by investors including Lightspeed Venture Partners and other Web3 leaders, such as Arweave, Bain Capital Crypto, Blockchain Capital, Distributed Global and Road Capital Management.
To support the expansion of Arweave and grow the ecosystem, Community Labs will be developing tools and solutions that will attract the next thousand projects. This goal will begin with 3EM or Web3 Execution Machine, a code agnostic smart contract framework, Community Labs, which is modelled after software development firm Consensys, said.
It’s an exciting time to be building Community Labs in a way that will enable others to understand and utilise the potential of Web3 and permanent decentralised storage, Berenbaum said.
Lightspeed described decentralised storage as critical infrastructure for Web3 and affirmed that Arweave was positioned to provide the solution.
Arweave’s novel architecture guarantees data availability and data persistence, in addition to providing a new design space for application development. We are excited to partner with Tate and the entire Community Labs team in building foundational infrastructure for the Arweave ecosystem, Will Leas, who is a partner at Lightspeed Faction and advisor at Lightspeed Venture Partners said.
Sam Williams, the founder of Arweave said Berenbaum and Community Labs had been core members of the Arweave ecosystem, leading innovations in over two years.
We are extremely excited to support them as they grow their venture and explorations in the Arweave ecosystem, Williams said.
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