citybiz+ Web3 Marketing Firm Twity Raises $6.5 Million

Twity, a so-called Web3 marketing firm, raised $1.5 million in Series A funding from San Francisco-based Wave Capital. The Washington, D.C.-based startup simultaneously raised an additional $5 million in a private equity round from the same venture firm whose cofounders have worked at Facebook, Dropbox and Airbnb.

Founded in January 2022, Twity operates a number of interconnected businesses including cryptocurrency and nonfungible tokens, according to a white paper on its website, but predominantly seeks to be a Web3 advertising and marketing service agency, creating “simpler and more effective marketing solutions for Web3 brands.”

Twity has built a system it calls Promofi, which allows ordinary consumers to claim a share of the targeted advertising business because their data is at the center of the deals. This potentially has opportunities in an advertising ecosystem that is heavily reliant on user data, as the likes of Google and Facebook mine personal data for targeted advertising. Consumer activists have long contended that internet users should receive a share of the advertising revenue earned by the tech giants because their personal data is key.

On social media, Twity aims to reward users with up to 80% share of the advertising revenue. This would occur via actions such as retweeting and liking. Twity is eyeing similar plans to push into other social media sites.

Focusing on Marketplaces

citybiz+ Sponsors

Wave Capital was founded in 2017 by David Rosenthal, former principal at Madrona Venture Group, and former Airbnb executives Sara Adler and Riley Newman. Adler also worked at Facebook and Dropbox. Newman was among the first 10 employees at Airbnb.

citybiz+ Cohorts

The firm aims to invest in marketplaces, notably leveraging its founders’ experience building Airbnb. In a blog post to announce its launch, Wave’s founders said their “collective experience at Facebook, Dropbox, Airbnb and Rover has taught us that…great companies aren’t discovered by playing the odds; they’re built with hard work by great teams who have a real idea.”

From a $55 million fund raised in 2018, Wave has made over a dozen investments and exited one. Besides Twity, its other portfolio investments include Locale, whose backers include Andreessen Horowitz, Ethereum Push Notification Service, Huddle and The Luupe.