According to DLNews, Avara founder and CEO Stani Kulechov is seeking to raise $50 million from US venture capital firms to fund the social media platform Lens Protocol. This financing will bring the valuation of Lens Protocol to $500 million, according to people familiar with the matter.
When asked about the Lens Protocol’s token launch, Kulechov said “We haven’t gotten to that stage yet.” The main focus right now is the upcoming Lens Network, a local network built on the ZKsync technology stack. Four weeks ago, competitor Farcaster raised $150 million at a $1 billion valuation.
