Share this article
A16z Leads $3.1M Funding Round for Mem’s Social Media Protocol
Mem is building Web 3 tools to give individuals more control over their personal data.
By Brandy Betz
Updated May 11, 2023, 5:49 p.m. Published Nov 17, 2021, 7:48 p.m.
Mem Protocol, a startup building Web 3 tools for social networking, has closed a $3.1 million funding round led by Andreessen Horowitz (a16z). The company’s valuation was not disclosed.
“On existing social networks, user identity and content are platform commodities. Data moats and targeted advertising services lead to misaligned incentives between platforms and the people using them. No one owns the information they share, yet users’ data is remixed by algorithms on centralized platforms that farm and profit from their attention,” Mem co-founder and CEO Abhi Vyas wrote in the announcement blog post.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Founded earlier this year, Mem aims to solve that problem by building a decentralized social media protocol centered around what the company calls “data sovereignty.” The protocol creates a standardized data specification and common set of operators to give individuals control over the collection of their personal information. Developers can embed Mem into their applications to provide a more personalized experience across the web, essentially operating as a user-driven, transparent alternative to web tracking.
Mem was created on Substrate, the custom blockchain builder, with Ethereum Virtual Machine (EVM) compatibility. The company is currently in limited testing with plans to launch its protocol in early 2022.
“Some of the core attributes of Web 3 – such as openness, decentralization and user control – are perfectly suited for a new type of social networking platform that’s optimized around the user. That’s the promise we see in Mem, and we’re thrilled to partner with them to help build the Web 3 social graph,” said Arianna Simpson, general partner with Andreessen Horowitz.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
VanEck's new Avalanche ETF filing to include staking rewards for AVAX investors
The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
What to know:
- VanEck has updated its filing for an Avalanche ETF, VAVX, to include staking rewards, aiming to generate income for investors by staking up to 70% of its AVAX holdings.
- The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
- If approved, the fund will trade on Nasdaq under the ticker VAVX, tracking AVAX's price via a custom index, and will be custodied with regulated providers, including Anchorage Digital and Coinbase Custody.
Top Stories
