Binance Labs Leads $8 Million Seed Funding Round For Tea
This funding will be used by Tea Inc. to hire additional resources to continue work on the protocol, software, and the development of the community. Additional funding participants include XBTO Humla Ventures, Lattice Capital, DARMA Capital, Coral DeFi, Woodstock, Rocktree, SVK Crypto, and MAKE Group.
Open source has been foundational for the Internet, underpinning everything online for more than twenty-five years. Tea Co-Founder and CEO, Max Howell, is known for creating Homebrew, also known as “brew,” the most contributed-to open-source software program globally. Homebrew has been used by tens of millions of developers worldwide and has served as the backbone for the most prominent technology corporations to build their products without directly contributing to its development.
Ken Li, Investment Director at Binance Labs, said, “We are excited to support Max, Tim and the team as part of our overall investment push into the infrastructure levers that shift Web 2.0 to web3. We believe the Tea team has the potential to introduce new paradigms that allow open source compensation without direct payment. The platform can solve a core problem for the open-source software development community by utilizing the key value proposition of decentralized token economies.”
Tea
Like its predecessor, brew, tea is the base of the developer stack—seated beneath the tools that build the Internet. They are uniquely placed to have tangible impact on all aspects of software development and they intend to. They will make sure devs have the tools they need to build the Internet and the compensation they need to keep on building.
