[Funding alert] NFT-focused startup Hyy.pe raises $2M led by Elevation Capital, angel investors

Social platform for NFT communities Hyy.pe on Tuesday said it raised $2 million in its latest funding round led by Elevation Capital. The Bengaluru-based startup had earlier raised $1.5 million from Electric Capital.

Angel investors, including Ryan Adams and David Hoffman (Founders, Bankless), Santiago Roel Santos (Ro Capital), Matt Kalish (Co-founder, DraftKings), Cuy Sheffield (Head of Crypto, Visa), and Farid Ahsan (Co-founder, ShareChat), also participated in the round.

According to a press statement, the NFT-focused startup will use the funds to scale the platform, strengthen the product, and grow its team.

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Founded in 2021 by Supriyo Roy and Scott Lewis, Hyy.pe is building a platform for NFT communities to connect, share stories, and collaboratively build their history.

For instance, users can share what made them buy a certain NFT, the collectable’s origin story, or collaborate on derived artwork. While the owners may change, these stories continue living on with the NFT.

The startup plans to launch with 13 collections initially — including CryptoPunks, Bored Apes, Cool Cats, Avastars, Loot, and Punk Comics — before expanding to include all the collections for everyone. 

Commenting on the funding, Supriyo Roy, Co-founder, Hyy.pe, said, 

“With Hyy.pe, a user can curate their NFT collection to serve as a main medium of self-expression. It pushes forward the idea that collectively the media you own, in the form of NFTs, can establish your individuality on the internet and help you connect deeper with communities. Hyy.pe wants to be a cohesive space for a million communities.”

According to the startup, most NFT communities are spread across existing social media platforms, which creates a sub-optimal experience. Hyy.pe, as an exclusive platform for NFT owners, aims to engage in enhanced forms of social interactions and community engagement.

Speaking on the investment, Vaas Bhaskar, Principal, Elevation Capital, said, “NFTs are very inherently social. The value of NFT is bolstered by the stories, interactions, derivatives, and provenance around them. We are at the cusp of new forms of social interactions and community formation that NFTs will enable. We are thrilled to partner with Supriyo and Scott to build such a social network.”