LunarCrush platform has raised $5 million in a Series A round co-led by Draper Round Table and INCE Capital.
LunarCrush, a Los Angeles-based platform that provides social analytics and trading insights for digital assets, non-fungible tokens (NFTs), and equities, has announced that it has raised $5 million in a Series A funding round.
The round was co-led by Draper Round Table, an investment network formed by prominent venture capitalist Tim Draper, and INCE Capital, a fund that focuses on early-stage consumer-related technology companies in China.
Other investors in the round included Draper Associates, WWVentures, TRGC, Bitcoin Frontier Fund, Draper Goren Holm, Blockchain Founders Fund, Side Door Ventures, MoonPay, EMURGO, LBANK Labs, FUNFAIR Ventures, and Techstars.
The Value of Social Media Data
Founded in 2018, LunarCrush aims to help users make informed crypto investment decisions by gathering and analyzing data from the internet and social media sites, such as Twitter.
The platform utilizes API and machine learning to pull data from various sources and measure online sentiment for different assets. Users can access various metrics, such as social volume, engagement, influence, and correlation, to gauge the popularity and performance of an asset.
Recently, LunarCrush expanded its scope beyond cryptocurrency to include NFT and stock analysis. The platform also offers various revenue streams, such as API integrations, traditional advertising, and its native token Lunr, which contributes to the expansion of the ecosystem.
LunarCrush plans to add a trading capitalization feature to its operations in 2023. LunarCrush supplies data to well-known organizations like Coinbase and Kraken’s CryptoWatch.
The Vision for Growth at LunarCrush
LunarCrush CEO Joe Vezzani expressed his excitement about the partnership with LBank Labs, one of the investors in the round.
LBank Labs is a flexible $100 million Web3 fund that invests in various opportunities, including Fund of Fund investments, Liquid projects, and Direct Investing in excellent early-stage ventures.
LBank Labs’ team consists of Web3 veterans from reputable companies like Binance Labs, Binance NFT, Bitmain, Huobi Listing, Consensys, and others.
“We are excited to have a strategic investor like LBank Labs join the Series A at LunarCrush. Their scale across the trading market, along with our expertise in analytics, creates synergy and allows both of our businesses to scale together,”
Joe Vezzani Vezzani added that the new funds will go towards building up the LunarCrush team and expanding the scope of its analytic operations and user experience.
He stated that LunarCrush is always trying to utilize the best technology available and serve the end user with a better experience than what is currently out there.
LunarCrush evaluated approximately 1 trillion data parameters in 2022, establishing itself as a leader in the field.
Additionally, LunarCrush is quickly becoming the go-to tool for researching cryptocurrency and stock investments, with 400,000 to 600,000 monthly active users.
In 2022, the platform garnered 100 million visits, demonstrating its growing popularity and relevance.
