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Polychain Capital leads web3 developer platform Fleek’s $25 million raise

Web3 developer platform Fleek closed a $25 million Series A raise led by Polychain Capital. 

Digital Currency Group, North Island Ventures and Coinbase Ventures are also among the investors who participated in the round, according to a company release. 

What is Fleek?

Founded in 2018, Fleek’s business model has gone through several iterations. In 2020, it rebranded from Terminal to Fleek — offering users an easy way to build, deploy and host websites and apps on the filesharing protocol InterPlanetary File System (IPFS). 

The startup previously raised $5 million in seed funding. 

Fleek now offers hosting and storage services on several web3 protocols. The platform currently leverages web2 providers, such as AWS and Cloudflare, to provide these services. 

Launching the Fleek network

The startup plans to roll out the Fleek Network, a decentralized content and application delivery platform for web3 that addresses the reliance on centralized web2 storage and hosting providers, next year. 

“Fleek is providing a critical missing piece to achieving a legitimate decentralized Web3 experience,” said Harrison Hines, co-founder and CEO of Fleek. “With Fleek Network, we will be empowering developers and organizations with an easy and seamless mechanism for Web3 hosting and content delivery that will help deliver on the promise of creating a truly decentralized internet.” 

The Fleek network is expected to launch on mainnet in the spring of 2023, said Hines in a statement to The Block. Its governance layer will be built on an Ethereum Layer 2, and a decision on what network will be used will be made in early 2023, he added. 

The equity round closed in October, Hines said. The funds will be put toward developing the Fleek Network and the new Fleek platform. Some of the funds will also be used for expanding the team and growing the community, he added. 

The average Series A check size in the third quarter was $22.5 million, according to data from The Block Research.

Third quarter blockchain venture deals size

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