Haun Ventures Leads $11M Seed Round for Web3 Platform Highlight

UTC by Mercy Tukiya Mutanya · 3 min read
Haun Ventures Leads $11M Seed Round for Web3 Platform Highlight
Photo: Fortune Brainstorm TECH / Flickr

Using Highlight’s toolkit, creators can tailor their community’s visual appearance to their preference and design and mint NFTs.

Web3 community platform Highlight has successfully completed an $11 million seed funding round. The round was led by former Andreessen Horowitz partner Katie Haun’s VC Haun Ventures and backed by 1kx, A_Capital, SciFi VC, Floodgate, Coinbase Ventures, 35 Ventures, Polygon Studios, Mischief VC, DAOJones, Offline Ventures, Gokul Rajaram, Lenny Rachitsky, WME, Method Management and ThreeSixZero among others

The Polygon-based platform makes it possible for creators with no coding or blockchain experience to create NFT communities. Using Highlight’s toolkit, creators can tailor their community’s visual appearance to their preference and design and mint NFTs. The utility NFTs, which can be purchased using an email address and credit card, will give fans the ability to access exclusive Discord channels, merch sales and special content. The NFTs are supported by marketplaces such as Rarible, Opensea and others that support Polygon. The platform does not charge gas fees.  A 3% fee is charged on every sale.

Despite the rising popularity of content creation as a source of income, creators do not earn anything close to the money generated by their content. Highlight seeks to remedy this while bringing web3 to mainstream content creators and consumers.

In an interview with CoinDesk, Highlight CEO Nathaniel Emodi explained:

“We have a vision of making Web 3 accessible and intuitive and simple for mainstream creators and mainstream fan bases. As a fan, there’s always been this idea of fan clubs. And we think with Highlight and with Web 3 you could build the music fan club of the future.”

Highlight’s launch comes as social media platforms are working at creating better relationships with content creators and incorporating blockchain technology into their platforms. Twitter and OnlyFans have already enabled support for verified NFT profile pictures while YouTube has revealed its intention of integrating NFT technology. More recently Meta CEO Mark Zuckerberg announced that the photo-sharing platform Instagram would begin testing for NFT support. “Similar functionality” is expected to be rolled out on Facebook too.

“We think this gets to what is so exciting about this technology for both creators and fans. If you think about business models that existed before now, fans maybe had a subscription to something a creator was doing, but there was no way you could take that subscription and show it off on a platform like Instagram. Now all the NFTs that are minted on Highlight will be supported, from what we understand, on Instagram,” Emodi comments.

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Mercy Tukiya Mutanya

Mercy Mutanya is a Tech enthusiast, Digital Marketer, Writer and IT Business Management Student. She enjoys reading, writing, doing crosswords and binge-watching her favourite TV series.

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