Union Square Ventures, an early backer of the cryptocurrency exchange Coinbase, has invested in crypto publishing tool Mirror.xyz at a $100 million valuation, according to two people with direct knowledge of the funding. The one-year-old startup has raised at least $10 million across two recent seed financings from investors including USV and Andreessen Horowitz, the people said.
Founded by former Andreessen Horowitz crypto partner Denis Nazarov, Mirror resembles Medium, the blogging tool used for essays and newsletters. It goes a step further by providing tools for writers to crowdfund their projects through the sale of non-fungible tokens, the one-of-a-kind digital items verified via the blockchain. Some writers on Mirror, such as USV co-founder Fred Wilson, have said they like the idea that content on a distributed digital ledger can’t be removed by a tech platform.
Mirror’s unusually high valuation reflects keen investor interest in startups that cater to creators, the solo entrepreneurs who are seeking new ways to make money off their online followings. Increasingly, these creator-focused startups are leveraging crypto technology to have tighter control over their content and forge deeper bonds with fans.