Mumbai-based Web3 Startup: EPNS raises $10 Mn Funding via Jump Crypto, Tiger Global, Polygon, others
- ByStartupStory | April 15, 2022
Mumbai-based Ethereum Push Notification Service (EPNS), known for offering web3 push notifications, has closed $10.1 Mn in Series A funding at $131 Mn valuation. The round was led by Jump Crypto and it also saw participation from 25 other investors including Tiger Global, Sino Global Capital, Polygon Studios, and Zee Prime Capital.
With this, at present the total funding raised by EPNS stands at $11.42 Mn. Earlier, the company had raised $1.4 Mn in Seed funding from around 35 investors including names like Balaji Srinivasan (angel investor and former CTO of Coinbase), Binance Labs and Mariano Conti of Maker Foundation.
EPNS, founded in April 2020 by Richa Joshi and Harsh Rajat, is building an open communication layer for the Web3 ecosystem. In order to send notifications tied to user wallet addresses in a platform-agnostic fashion, the protocol enables any smart contracts, dApps, or traditional servers.
Harsh Rajat informed that in mid-November, 2021 talks for the fundraise with investors started and by January 2022, the deal was finalised. However, Rajat said that it was the paperwork which took a little longer.
Currently, EPNS is working with around 80 protocols including the likes of Uniswap, Decentraland, Notional Finance, mStable, Snapshot, MakerDAO, Gitcoin, Polygon, ENS, Dydx, Bancor, Defiant, Coindesk, Aragon, and more, having launched on Ethereum mainnet in January, this year. In order to enable users to speak to one another on-chain, the company is building the native Web3 communication protocol. Along two categories of users: Channels (individuals or companies that wish to issue communication) and Subscribers (individuals that opt-in to receive communication), EPNS enables permissionless channel notification and channel subscription.
Currently, EPNS is powering on-chain notifications for Snapshot (governance updates), ENS (domain expiration), CoinDesk (media alerts), Oasis (vault liquidation), and more.
By this year’s end, to launch its services on four more blockchains has been planned by the company. Since in mid-January mainnet was launched, 4 Mn notifications sent to more than 44,000 subscribers has powered EPNS.
By year end, the company is planning to double its talent pool from the existing 30 to over 60, with Series A funding.
Besides, Rajat said by year end, the company is also aggressively targeting in order to hit one million users. For this, its offices has already been expanded outside India and had also set up an office in Dubai.
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