Led by McCourt Global, the funding round will support and accelerate MeWe's ongoing migration while expanding decentralized products and services to platform users. The social media company seeks an additional $6 million to close out the Series B round.

MeWe, the pioneering privacy-first social media network, has announced the launch of a growth agenda aimed at accelerating its efforts to bring Web3 technology to its 20+ million users. The opening of a Series B funding round, led by McCourt Global, will drive MeWe's growth and facilitate further innovation, including the development of AI integration, new Web3 product features, targeted marketing for strategic user acquisition, and the rollout of a native token to enhance user growth, platform engagement, and utility.

Transforming for the Future of Web3

Over the past year, MeWe has undergone an unprecedented transformation to integrate with the Frequency blockchain and migrate its users to Web3 at scale. This commitment has led to a significant growth milestone, establishing MeWe as one of the world's largest Web3 user bases. The platform has seamlessly migrated over 1 million users to the Frequency chain, a Layer 1 blockchain built on the Decentralized Social Networking Protocol (DSNP). This innovation enables individual ownership of personal data and content, proving that social media users need not sacrifice privacy or data in their online engagements.

Jeffrey Edell, Chairman and CEO of MeWe, stated, "MeWe is excited to accelerate our journey to bring Web3 technologies to more of our users and continue growing our community. This Series B round, along with our successful migration to the Frequency blockchain, allows us to expand our ambitions and deliver the benefits of an open, decentralized web to our users in new and exciting ways."

Empowering Users in the Web3 Era

Divya Narendra, MeWe Advisory Board Member, commented on the significance of this transition, saying, "MeWe is leading the tech industry into the future by demonstrating that viable, scalable technology alternatives exist today, allowing social media networks to protect people's privacy and empower them with control over their own data. MeWe is at the forefront of the broader movement to Web3, and we are proud to support the transition to an open, decentralized internet."

In August, as part of its integration with Frequency, MeWe announced that over 600,000 users now control ownership of their complete social graph on the Frequency blockchain. This number is expected to increase, with the Series B funding directly supporting efforts to onboard more users in this migration.