Farcaster Acquisition, Valuation, Funding & Investors
Farcaster was acquired by Network School in October 2026.
Cumulative funding Farcaster raised
$180M
across 2 funding rounds
Key investors in Farcaster
Andreessen Horowitz
Union Square Ventures
a16z Frontier
Paradigm
Variant
Haun Ventures
Standard Crypto
About Farcaster
Farcaster is a decentralized social media protocol built on Ethereum and Optimism's layer-2 network that lets users own their data and identities while allowing developers to build interoperable social apps on top of it, such as Warpcast for posting "casts" and following other users. The protocol went permissionless in October 2023, adding features including Frames for embedding apps directly in posts. Farcaster differentiates itself from centralized platforms by using smart contracts for interactions, giving users portability and avoiding vendor lock-in.
Founded
2020
HQ
Los Angeles, CAWebsite
Status
Acquired
Customer focus
B2C
Revenue model
Advertising
Valuation
$1B (May 2024)
Farcaster Acquisition
Farcaster was acquired by Network School for an undisclosed price on 15 October 2026.
Before the acquisition Farcaster had raised $180M across 2 funding rounds.
Network School, the community founded by former Coinbase chief technology officer Balaji Srinivasan, acquired the decentralised social platform Farcaster from Neynar, announced on 15 October 2026. The transaction covers the app, the protocol repositories and related products. Farcaster is to be rebranded as the Network State Protocol, with a new rulebook built around AI moderation and proof of humanity. The deal folds a crypto-native social network into Srinivasan's wider project around network states. Network School relocated to Kazakhstan earlier in 2026 and recently raised funds at a valuation of USD 2 billion. Farcaster changed hands for the second time in 2026: Neynar had taken it over from its original developer Merkle Manufactory in January. Farcaster was started by former Coinbase employees Dan Romero and Varun Srinivasan, and raised USD 30 million in 2022 and a USD 150 million round led by Paradigm in May 2024, with a16z crypto and Haun Ventures among the investors. After the earlier sale the founders announced plans to return the USD 180 million raised to investors.
| Acquirer | Date | Type |
|---|---|---|
| 15 Oct 2026 | Strategic M&A |
Sources: forklog.com, dealroom.co, cryptobriefing.com
Farcaster Valuation
Farcaster is currently valued at $1B, based on its Series A in May 2024.
The $150M round was led by Paradigm, with participation from a16z Frontier, Haun Ventures, Union Square Ventures, Standard Crypto and Variant.
Farcaster's valuation has grown 5.0x from $200M at its seed round in July 2022 to $1B in May 2024, across 2 priced rounds.
Farcaster valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| May 2024 | Series A | $1B |
| Jul 2022 | Seed | $200M |
Farcaster Funding History
Farcaster has raised a total of $180M across 2 funding rounds.
Farcaster's first fundraising round was a $30M seed round in July 2022. The most recent completed round was a $150M Series A in May 2024.
Farcaster funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2024 | Series A | Paradigm (lead); a16z Frontier; Haun Ventures; Union Square Ventures; Standard Crypto; Variant | $150M | $1B | Farcaster is a decentralized social media protocol built on Ethereum and Optimism's layer-2, enabling users to own their data and identities while allowing developers to build interoperable social apps like Warpcast for posting 'casts' and following users. The platform went permissionless in October 2023, driving over 350,000 paid signups and a 50-fold increase in network activity, with features like Frames for embedding apps in posts and plans for channels and direct messaging. On May 21, 2024, Farcaster raised $150 million in a funding round led by Paradigm, with participation from a16z crypto, Haun Ventures, Union Square Ventures, Variant, and Standard Crypto, achieving a $1 billion post-money valuation and unicorn status. This marks the largest investment in Web3 social media to date, bringing total funding to $180 million. The capital will support multi-year development to scale Farcaster into an internet-scale protocol, attracting hundreds of developers building apps and frames. Despite modest user metrics—around 80,000 daily active users at peak and 50,000 reported later—the high valuation reflects crypto VCs' optimism in its programmable architecture, user portability, and potential token launch, though critics cite it as fee-driven deployment amid a crypto funding slowdown. Protocol fees generated $1.9 million since October per on-chain data, but no revenue or ARR figures are specified. Farcaster differentiates from centralized platforms like X or Facebook by using smart contracts for interactions, promoting privacy and customization without vendor lock-in. Its growth trajectory and investor backing position it against competitors like Bluesky and Mastodon, with ambitions to integrate social logins and expand developer ecosystem for broader adoption. |
| Jul 2022 | Seed | Andreessen Horowitz (lead) | $30M | $200M | Farcaster is a decentralized social media platform built on the Ethereum blockchain and Optimism’s Layer 2 ecosystem, providing users with ownership of their content and data through blockchain technology for transparency and security. Founded in 2021 and headquartered in New York, it focuses on open-source protocols for Web3 social networking. In July 2022, Farcaster raised $30 million in an earlier seed round led by Andreessen Horowitz (a16z), with participation from investors like Union Square Ventures, to launch the platform, develop blockchain protocols, and build the initial user base. Cumulative funding from earlier rounds totaled approximately $30 million. Two years later, in 2024 or 2025, Farcaster completed a $150 million Series A round led by Paradigm at a $1 billion post-money valuation, with participation from a16z Crypto, Haun Ventures, USV, Variant, Standard Crypto, and others, marking the largest raise in Web3 social history. The funds supported scaling platform development, expanding engineering and community teams, growing decentralized social network adoption, user growth, developer tools, hiring engineers, and adding features like channels and direct messaging. Total funding exceeded $180 million. Key investors include Paradigm (crypto and blockchain focus), a16z (Web3, social media, AI, decentralized networks), and Union Square Ventures (open-source platforms, blockchain, social technologies). |
Who has invested in Farcaster?
7 investors have backed Farcaster across its funding rounds, including Andreessen Horowitz, Union Square Ventures, a16z Frontier, Paradigm, Variant and Haun Ventures.
Lead investors include Paradigm and Andreessen Horowitz.
Farcaster Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 1 | Participant | May 2024 | |
| San Francisco, CA | 1 | Participant | May 2024 | |
| New York City, NY | 1 | Participant | May 2024 | |
| San Francisco, CA | 1 | Lead | Jul 2022 | |
| San Francisco, CA | 1 | Participant | May 2024 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialFarcaster Competitors
Farcaster competitors include listed companies like OSL Group and Securitize, and private ones like Freechat, Mythical Games, Rilla and Galaxy.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Hong Kong | Private | $40M | - | $800M | 20.0x | |
| Los Angeles, CA | Private | - | - | $1B | - | |
 Abu Dhabi | Private | $40M | - | $737M | 18.4x | |
 Seoul | Private | $201M | - | $680M | 3.4x | |
| Hong Kong | Publicly listed | $62M | ($48M) | $1.2B | 10.8x | |
| United States | Publicly listed | $62M | ($34M) | $1.2B | 19.0x |
Farcaster Public Comps
Farcaster is no longer listed, but its public comps include Nextdoor, Yalla Group, OSL Group, Webtoon, Securitize, Bumble, Stewards, Rhino Bitcoin, HashKey Holdings and Hello Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $258M | ($69M) | 2.0x | 1.8x | (7.4x) | 20.1x | |||
| $342M | $128M | 0.0x | 0.0x | 0.0x | 0.0x | |||
| $62M | ($48M) | 15.9x | 10.8x | (20.8x) | (18.1x) | |||
| $1.4B | ($373M) | 0.5x | 0.5x | (1.8x) | 28.3x | |||
| $62M | ($34M) | 21.9x | 19.0x | (39.5x) | (298.2x) | |||
| $966M | ($793M) | 1.2x | 1.4x | (1.5x) | 4.4x | |||
| - | - | - | - | - | - | |||
| $478K | ($417K) | 1380.9x | - | (1581.6x) | - | |||
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Common questions about Farcaster
| When was Farcaster founded? | Farcaster was founded in 2020. |
| Where is Farcaster headquartered? | Farcaster is headquartered in Los Angeles, CA, United States. |
| Is Farcaster publicly listed? | No, Farcaster was acquired by Network School in October 2026. |
| Who acquired Farcaster? | Farcaster was acquired by Network School in October 2026. |
| What is Farcaster's valuation? | Farcaster was last valued at $1B in its Series A in May 2024. |
| How much funding has Farcaster raised? | Farcaster has raised $180M across 2 funding rounds. |
| What was Farcaster's last funding round? | Farcaster's last funding round was a $150M Series A in May 2024, led by Paradigm. |
| Who are Farcaster's investors? | Farcaster's investors include a16z Frontier, Haun Ventures, Union Square Ventures, Andreessen Horowitz, Standard Crypto, Variant and Paradigm. |
| Which companies are comparable to Farcaster? | Companies comparable to Farcaster include Freechat, Mythical Games, Rilla, Galaxy, OSL Group and Securitize. |
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