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- Burrata raises $7.7M seed round to bring Web2 data to Web3
Burrata raises $7.7M seed round to bring Web2 data to Web3
Investors include giants Stripe and Variant, as well as Vancouver executives Roham Gharegozlou and Ganesh Swami.
William Johnson
December 11, 2021
Burrata, a startup working to integrate consumer data from Web2 systems into Web3 (blockchain and the decentralized web), recently came out of stealth and revealed a $7.7 million USD seed round.
Vancouver Tech Journal confirmed with the company that at least one of its co-founders, Osama Khan, is based in Vancouver. That’s why we’re reporting on this raise.
Investors include Stripe, Variant, Ideo Co-Lab Ventures, Slow Ventures, CMS Holdings, South Park Commons, Dapper Labs, Jake Chervinsky, 0xMaki, Unbanksy, and over 30 other people whom the startup says “each bring industry-leading insights, expertise, and networks to the project.”
Here’s the company’s vision:
Burrata’s integration layer will help bridge consumer identity and data from silo-ed Web2 systems into Web3. This open and extensible integration layer will help standardize, process, and prioritize the influx of web2 data on-chain. This integration layer is essential to onboarding the next billion users and their on-chain profiles.
Tokenized real-world identities tied to rich consumer data and robust privacy controls make networks Sybil resistant while unlocking new applications from compliant Defi protocols to democratic governance of DAOs. We see consumer data as an asset that every user should own and control.
“We’re keen to support companies creating new infrastructure for an increasingly decentralized internet,” shared Chris Sperandio, corporate development lead fintech giant Stripe, who invested. “To that end, we’re excited to partner with Burrata as they accelerate the transition from Web2 to Web3.”
Although the startup secured funding from a number of Vancouver individuals — including Dapper Labs’ Roham Gharegozlou and Covalent’s Ganesh Swami — there appear to be no Canadian VC firms involved.
Chris Neumann, a partner with Panache Ventures based in Vancouver, lamented this fact on Twitter, saying:
Third Vancouver web3 funding announcement in a row without a Canadian VC.
Same story for each: “They didn’t get it”/“don’t think it’s a real market”
A lot of Canadian investors are going to get left in the dust if they don’t start paying attention…
Burrata said it plans to use the funds from the round to scale its team, build the developer and consumer experience of the Burrata integration layer, establish partnerships, and support a community of Web3 builders.
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