A16z Leads $3.1M Funding Round for Mem’s Social Media Protocol

A16z Leads .1M Funding Round for Mem’s Social Media Protocol
Mem Protocol, a startup building Web 3 tools for social networking, has closed a $3.1 million funding round led by Andreessen Horowitz (a16z). The company’s valuation was not disclosed.“On existing social networks, user identity and content are platform commodities. Data moats and targeted advertising services lead to misaligned incentives between platforms and the people using them. No one owns the information they share, yet users’ data is remixed by algorithms on centralized platforms that farm and profit from their attention,” Mem co-founder and CEO Abhi Vyas wrote in the announcement blog post.Founded earlier this year, Mem aims to solve that…