Karma3 Labs Raises a $4.5M Seed Round Led By Galaxy and IDEO CoLab to Build OpenRank, a Decentralized Reputation Protocol
Summary
Using OpenRank, developers and web3 companies can build consumer apps where people can discover, use, fund, read, or buy something on-chain without worrying about getting spammed or scammed. Using OpenRank, developers and web3 protocols can power consumer apps, communities and marketplaces with an open ranking and recommendation layer that provides users with security and peace of mind when making decisions onchain, without having to trust centralized gatekeepers. The fundraise was led by Galaxy and IDEO CoLab Ventures, with participation from Spartan, SevenX, HashKey, Flybridge, Delta Fund, Draper Dragon, and Compa Capital. Angel investors from Xooglers Fund and veterans from Coinbase, ConsenSys, IPFS, along with Andrew Hong from Dune Analytics and Liang Wu from the Harvard Crypto Lab also invested in the seed round. The raise enables OpenRank to broaden adoption across early use cases and help launch protocol v1 for developers, ushering in a new era of permission-less and verifiable reputation computation.