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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March Capital Raises $650 Million Fund to Invest in AI Startups

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College and previously covered technology and entertainment for TheWrap and reported on the SoCal startup scene for the Los Angeles Business Journal. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

March Capital Raises $650 Million Fund to Invest in AI Startups
March Capital founder Jamie Montgomery. Illustration by Dilara Mundy.

Santa Monica-based venture outfit March Capital announced Feb. 3 that it raised its largest fund to date, a $650 million investment vehicle that will be used to back up to 15 startups focused on delivering new uses of artificial intelligence.

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The Three Best Ways to Work With Your Startup Board

Spencer Rascoff

Spencer Rascoff serves as executive chairman of dot.LA. He is an entrepreneur and company leader who co-founded Zillow, Hotwire, dot.LA, Pacaso and Supernova, and who served as Zillow's CEO for a decade. During Spencer's time as CEO, Zillow won dozens of "best places to work" awards as it grew to over 4,500 employees, $3 billion in revenue, and $10 billion in market capitalization. Prior to Zillow, Spencer co-founded and was VP Corporate Development of Hotwire, which was sold to Expedia for $685 million in 2003. Through his startup studio and venture capital firm, 75 & Sunny, Spencer is an active angel investor in over 100 companies and is incubating several more.

The Three Best Ways to Work With Your Startup Board

When launching and running a startup, your board of directors is one of your most valuable assets. If you already understand why you need a board and how to structure your board, it may be tempting to think you can cross that item off the list. But building a board is just the beginning. Now you’ve got to get down to business—together.

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This Week in ‘Raises’: Saviynt Lands $205M, Pagos Secures $34M

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow 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’: Saviynt Lands $205M, Pagos Secures $34M
This Week in ‘Raises’:

While it was a slow week of funding in Los Angeles, security vendor Saviynt managed to score $205 million that will be used to meet the company’s growing demand for its converged identity platform and accelerate innovation.

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