Paragraph, an online publishing start-up, has raised $5 million and acquired blogging platform Mirror.
According to a recent announcement by Mirror Development, the new funding round was led by Coinbase Ventures and Union Square Ventures. Paragraph is to take over management of Mirror, including its product, design system and brand.
Founded in late 2020, Mirror introduced a publishing platform that provided writers with crypto tools, including decentralized storage, domains, crowdfunding and NFT capabilities. The platform was often used by companies to publish announcements and blogs.
“When I founded Mirror in 2020, I set my sights on the potential of platforms connecting content to valuable markets,” said Mirror founder Denis Nazarov. “I’m excited about the opportunity to take Mirror to the next level of online publishing under Colin’s leadership.”
Paragraph was launched in 2021 and would allow creators to directly monetize through newsletter subscriptions and social features on the chain, as well as integration with instant messaging. The platform has grown its user base in the Farcaster community.
“We have helped thousands of creators build direct relationships with their audiences, and with this exciting announcement, we will be able to advance our mission even faster and help millions more,” said Paragraph founder Colin Armstrong.
“I’m excited to lead our talented team into a future where onchain technology is not just an option, but the standard for content creators around the world,” – Armstrong said.
No immediate changes for writers and publishers
The blog also stated that there will be no immediate changes for writers and publishers using both platforms. Content will remain intact, and users will continue to have access to existing publishing tools.
“With the new partnership and investment from Coinbase Ventures and the Base Ecosystem Fund, we are excited to double our spending on onchain publishing and help bring even more creators online,” – Jesse Pollak, founder of Base, said.
