Avara CEO Stani Kulechov Seeks $50 Million Funding For Lens Protocol

According to BlockBeats, Stani Kulechov, the founder and CEO of Avara, is reportedly seeking to raise $50 million from US venture capital firms. The funding is intended to finance the social media platform Lens Protocol, which is expected to reach a valuation of $500 million following the funding round. When asked about the issuance of tokens for Lens Protocol, Kulechov stated that they have not reached that stage yet. The primary focus at present is the upcoming launch of Lens Network, a native network built on the ZKsync technology stack. This news comes four weeks after its competitor, Farcaster, raised $150 million at a valuation of $1 billion. It is important to note that the information was revealed by an insider and has not been officially confirmed by Avara or Kulechov. The potential funding round and the subsequent valuation of Lens Protocol indicate the growing interest and investment in social media platforms and technology stacks like ZKsync. The competition in this sector is also evident from Farcaster's recent funding round.