Firework raises $55 million, Silicon Valley-based web stories platform rides on growth in India
Redwood City headquartered firm in its statement said that the investment would drive the imminent shift from the current popular centralised internet or Internet 2.0 to a more decentralised environment of the future or Internet 3.0.
March 25, 2021 / 04:02 PM IST
Firework claims to have a mission to unite websites against the "exploitative walled gardens" [Representative image]
Silicon Valley-based web stories platform Firework said that it had raised $55 million in series A funding, backed by investors GSR Ventures, IDG, Lightspeed and supported by Sumitomo Corporation, Asahi.
Redwood City headquartered firm, in its statement, said that the investment would drive the imminent shift from the current popular centralised Internet or Internet 2.0 to a more decentralised environment of the future or Internet 3.0.
Dream11 parent valued at $5 billion in $400 million secondary funding round
Firework said it had embraced an 'India-first policy' that makes the 'mobile-born' country a hub for rolling out strategies and innovations. Currently, the firm has over 450 million monthly views and pacing to exceed one billion in three months.
"Our journey in India over the last 15 months is marked by growth, success and learning, which puts us that much closer to realizing our open web dreams," Firework India CEO Sunil Nair said.
"Firework is strongly built on the values of open web and decentralised Internet and will lead the initiative to make the web a more democratic space for all," Nair added.
Firework claims to have a mission to unite websites against the "exploitative walled gardens" and power the open web for the next 20 years, promoting a decentralised environment.
Through Firework, a simple text and image-based website or e-commerce platform may deliver social media with swipe-able, exciting, brand-focused vertical short videos. Firework's popularity of "Stories'' format vertical short videos and its growth is validated by its current publisher partners which include country top telecom operators.
"As we upgrade and connect the global open web for Internet 3.0, publishers and businesses will leverage on another in creating a unified content consumption experience that's never been made available. We will exceed 5 billion monthly views by Q4 2021," Firework's President of Global Business Jason Holland said.(With inputs from agencies.)