The funds will be used to expand the company’s offerings and develop a single sign-on solution, an advertising marketplace solution, and a protective layer for filtering spam.
Last year, EtherMail raised $3 million in a seed funding round led by top VCs Fabric Ventures and Greenfield One. Since then, EtherMail has gained more than 500,000 users and partnered with popular NFT projects including Probably Nothing, Toxic Skulls Club, inBetweeners and Prime Planet.
Tim Draper, Founding Partner of Draper Associates said: “With an expanding partnership network, exciting set of integrations with prominent Web3 platforms, and comprehensive product roadmap on the horizon, EtherMail is gearing up for a massive growth trajectory in 2023 and beyond.”
EtherMail’s email solution also facilitated Web3 voting for Decrypt Studios’ inaugural Crypties Awards 2022, which drew over 10,000 participants. The platform has recently integrated with the Ethereum Name Service and Draper-backed Unstoppable Domains to broaden its reach to millions of users.
Draper Associates, which invested in EtherScan, Skype, and Coinbase, has a reputation for backing early-stage industry disruptors. MS&AD Ventures, a firm investing in cutting-edge solutions in AI, big data, cybersecurity, fintech, insurtech, SaaS, infrastructure and digital health, is backed by MS&AD Insurance Group Holdings, the world’s fifth-largest insurance conglomerate and the leading player in Asia.
Founded by serial entrepreneurs Shant Kevonian and Gerald Heydenreich in late 2021, EtherMail is the first Web3 email solution, allowing companies to send content to their asset holders based on blockchain-synced real-time information. It also allows fully anonymous peer-to-peer communication and rewards its users for reading relevant content in their inbox.
Commenting on the fundraise, Shant Kevonian, CEO and Founder of EtherMail said: “We’re proud to join the likes of Tesla, SpaceX and our partners Unstoppable Domains as Draper-backed innovators. Additionally, the support of MS&AD will be invaluable as we continue our Asian expansion, setting the standard for anonymous and encrypted wallet-to-wallet communication.”
EtherMail has built a reputation for developing a category-leading solution that provides significant value to Web3 companies across the industry spectrum. The company sees itself playing an integral role in incentivising Web2 users to join the Web3 space.