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Stealth startup Favs raises ~$1M for its close-friends-only social network

TechCrunch

Over the years, social media has moved further and further away from its original value proposition of being a network where you could keep up with close friends and family in a private space. Instead, today’s apps are entertainment giants, filled with creator content, multimedia and brand advertisements.

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Primitives wants to turn your crypto wallet into a social network

TechCrunch

DJ Gabeau, one of Snapchat Stories’ earliest engineers and founder of web3 social network Primitives , told TechCrunch that he thinks NFTs can be a genuinely enjoyable way for people to connect with one another digitally and make memories. Users don’t have to go through multiple steps to claim the assets, he added.

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Is the advertising market in trouble?

TechCrunch

Snap, the parent company of the popular Snapchat social media service, reported earnings last week that investors rejected. Snap was not the only victim of its lackluster earnings digest — other companies that make money off of advertising incomes saw their share prices dip on concerns that the social network was not an outlier.

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MyPlace raises $5.8M to scale its private home-sharing social network

TechCrunch

New York-based MyPlace , a social network designed to help friends share their private homes, has raised $5.8 Since then, the platform has grown into a social network used by thousands of people in 86 countries. MyPlace hasn’t done any paid advertising and is growing based on word of mouth among friends, Bell says.

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Social app IRL makes its first acquisition with deal for digital nutrition company AaBeZe Labs

TechCrunch

IRL, the SoftBank-backed social app and recent unicorn , is today announcing its first acquisition. The company is purchasing, for an undisclosed sum, the “digital nutrition” company AaBeZe Labs and its portfolio of IP with the goal of making IRL a healthier and more ethically designed social networking app.

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Makers Fund-backed virtual social app MEW woos comic fans in the US

TechCrunch

Raven Gao didn’t set up virtual social platform MEW to ride the metaverse wave. He began working on MEW in mid-2019 with a Tencent veteran because he wanted to build a virtual safe haven for socially awkward introverts like himself. MEW’s interface can be perplexing for many people at first glance.

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Egyptian social commerce startup Brimore raises $25M led by IFC and Endure Capital

TechCrunch

The Egyptian social e-commerce market will be worth over $14.8 The opportunity in the market can be attributed to the growth in online social sellers in the country, over 1.25 million them, helping little-known brands sell and distribute their goods via different networks. billion by 2024. Most of them happen to be women.”.

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