Community Labs raises $30M to power software development and enterprise studio for Arweave’s permanent storage blockchain ecosystem
NEW YORK–(BUSINESS WIRE)–Community Labs has raised $30 million to fuel software development and a venture capital studio focused on supporting Arweave adoption, ecosystem growth, and protocol development. The funding round was led by Lightspeed Venture Partners with participation from industry leaders Arweave, Bain Capital Crypto, blockchain capitalDistributed Global and Road Capital Management alongside others.
Community Labs will develop and support critical developer tools and foundational ecosystem solutions that will integrate Arweave’s next 1,000 active developers and founders, starting with 3EM – short for Web 3 Execution Machine, a contract framework smart independent of code. Community Labs is inspired by ConsenSys, the well-known software development company that is built on the Ethereum blockchain.
Funding signals belief in Arweave’s position as ubiquitous storage layer for other blockchains and mainstream use cases. Tate Berenbaum, Founder and CEO, is excited about the platform’s potential and the flywheel effect: “It’s an exciting time to build community labs in a way that will allow others to understand and use the potential of Web3 and persistent decentralized storage.” Leo Luciasano, operational adviser, recognizes the timing of the round: “The structure, size and valuation of the platform at this pivotal point in the market cycle is a testament to Tate and the team’s commitment to developer tools, infrastructure and adoption.”
Lightspeed Venture Partners is delighted to lead the round: “Decentralized storage is an essential part of the Web3 infrastructure stack and Arweave is well positioned to serve as a de facto solution. Arweave’s new architecture guarantees data availability and persistence, in addition to providing a new design space for application development. We are thrilled to partner with Tate and the entire Community Labs team to create foundational infrastructure for the Arweave ecosystem,” said Will Leas, Partner at Lightspeed Faction and Advisor at Lightspeed Venture Partners.
Arweave has had its own renaissance as it appears as a censorship-resistant permanent hard drive and repository for current geopolitical events. After raise $8.3 million in 2020 from blue-chip venture capital firms Andreesen Horowitz, Union Square Venture and Coinbase Ventures, Arweave has established itself as a leader in decentralized data storage. Sam Williams, founder of Arweave, is a fan and a mentor: “Tate and the Community Labs team have long been core members of the Arweave ecosystem, spearheading many community innovations over the past two years. We are extremely excited to support them as they grow their business and their explorations in the Arweave ecosystem.
About Community Labs
Community laboratories is an Arweave native software development company and product and protocol development studio built on the permaweb. Community Labs is inspired by software development company Ethereum ConsenSys and focuses on developing foundational level infrastructure for the next thousands of developers and millions of users of Arweave’s permanent storage blockchain. Tate Berenbaum, Founder and CEO, has relied on Arweave since 2019 and has experience bringing several foundational protocols to market.
Arweave is a protocol that allows you to store data permanently, durably, with a single upfront payment. It organizes people with disk space to spare (think Uber for storage) into a decentralized network (like Bitcoin), backed by a sustainable endowment. Above the core Arweave protocol lives the permaweb: a global, permanent network of pages and applications that live forever.