Spencer Dinwiddie’s Web3 Social Media App Just Raised $26M

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

Calaxy
Image courtesy of Calaxy

Calaxy, a Web3 social media app co-founded by NBA player Spencer Dinwiddie, has raised $26 million in new funding, the company announced Tuesday.

The HBAR Foundation and blockchain gaming company Animoca Brands co-led the raise, with participation from Ethereum scaling platform Polygon. The fresh funding brings Calaxy’s total raised to just shy of $34 million following a $7.5 million seed round last year.


Los Angeles-based Calaxy lets creators sell their own crypto tokens to fans, who can redeem the tokens for exclusive content, video messages and other forms of access to those creators. The company has essentially attached Web3 technology to validated creator economy models like Patreon, Cameo and OnlyFans, Calaxy co-founder and CEO Solo Ceesay told dot.LA, with the idea of getting people to use crypto in a way that’s familiar.

New Calaxy CEO Solo Ceesay.

Photo courtesy of Solo Ceesay

“It's meant to be quite intuitive,” Ceesay said. “It's meant to be something that doesn't feel like you're opening a brokerage account and investing in a creators’ cryptocurrency.”

For example, the creator tokens on Calaxy are initially priced one-to-one with U.S. currency—so buying 20 of Dinwiddie’s coins on the platform would cost a user $20. Eventually, the company will allow creators to opt into dynamic pricing, “but we want to make sure that journey is walked when the creator's fan base is ready,” Ceesay noted. Calaxy operates on Hedera Hashgraph, a distributed ledger technology that is an alternative to blockchain.

Dallas Mavericks guard Dinwiddie has established himself as one of the NBA’s earliest adopters of cryptocurrency—having notably converted a $34 million contract extension with the Brooklyn Nets in 2018 into a digital investment vehicle.

After initially serving as Calaxy’s CEO, Dinwiddie has now moved into an executive chair role at the startup; Ceesay, a former investment banker who became Calaxy’s chief operating officer in 2020, is succeeding Dinwiddie as CEO.

The 15-person company’s app is expected to emerge from beta testing this summer. Calaxy says it has lined up around 200 creators, celebrities and influencers for its platform, including Dallas Cowboys running back Ezekiel Elliot, Los Angeles Lakers center Dwight Howard and singer Teyana Taylor.

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Regard Raises $15M for AI-Powered Software That Help Doctors Diagnose Patients

Decerry Donato

Decerry Donato is dot.LA's Editorial Fellow. Prior to that, she was an editorial intern at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

Regard Raises $15M for AI-Powered Software That Help Doctors Diagnose Patients
Courtesy of Regard

Culver City-based health care startup Regard, which uses AI-driven software to help physicians accurately diagnose patients, has raised $15.3 million in Series A funding.

Pasadena-based Calibrate Ventures and Colorado-based Foundry Group led the investment in Regard, formerly known as HealthTensor. Other investors that participated in the round include TenOneTen Ventures, Susa Ventures, Brook Byers of Byers Capital and Dropbox CEO Drew Houston. The new funding will be used to grow Regard’s team and customer base, the company said in a press release.

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This Week in 'Raises': Regard Secures $15M, MaC Venture Capital Raises $203M for Second Fund

Decerry Donato

Decerry Donato is dot.LA's Editorial Fellow. Prior to that, she was an editorial intern at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

This Week in 'Raises': Regard Secures $15M, MaC Venture Capital Raises $203M for Second Fund
Image by Joshua Letona

This week in “Raises”: A local healthcare startup secured funding to help grow the team and deploy its software to more physicians and hospitals, while Black-led, seed-stage venture capital firm surpassed its goal for its second fund.

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This LA-Based Accelerator Seeks To Foster the Next Generation of Ocean Tech Startups

Keerthi Vedantam

Keerthi Vedantam is a bioscience reporter at dot.LA. She cut her teeth covering everything from cloud computing to 5G in San Francisco and Seattle. Before she covered tech, Keerthi reported on tribal lands and congressional policy in Washington, D.C. Connect with her on Twitter, Clubhouse (@keerthivedantam) or Signal at 408-470-0776.

This LA-Based Accelerator Seeks To Foster the Next Generation of Ocean Tech Startups
Photo courtesy of the Port of Los Angeles.

San Pedro-based Braid Theory is one of the growing number of accelerators in the country looking to grow the so-called blue economy, which spans a range of ocean-related industries and is estimated at $2.5 trillion a year.

The accelerator is accepting online applications until July 18, with its second-ever program kicking off in August.

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