Icebreaker raises $5m to launch a blockchain rival to LinkedIn

Icebreaker, the open-source professional network founded by former Coinbase and Google employees Dan Stone and Jack Dillé, has raised $5 million in seed funding, valuing the company at $21 million.

The latest investment will enable the six-person team to expand and develop a blockchain-based alternative to LinkedIn. Coinfund led the funding, with contributions from Accomplice, Anagram, and Legion Capital, among others, according to a July 31 statement.

Icebreaker aims to be the “world’s first open professional network,” contrasting LinkedIn’s centralized control over digital identities. The platform uses blockchain technology to combine users’ professional profiles and networks into a single channel, providing instant identity verification and secure approvals.

CoinFund CEO Alex Felix highlighted the potential of crypto in developing basic social graphs for a variety of applications, supporting Icebreaker’s mission to provide true ownership of professional identities online. The founders aim to create an “open reputation and identity graph” by encouraging shared context and trust.

Addressing the issue of AI-generated noise and fake personas in digital networks, Dillé humorously listed himself as “CEO of Google” on his LinkedIn profile to illustrate how easily misinformation spreads on traditional web2 platforms and can mislead job seekers and recruiters.

Icebreaker has previously tested early versions of its platform in partnership with web3 companies such as Coinbase, Opensea, and Polygon Labs.

Interestingly, Coinbase CEO Brian Armstrong had floated the idea of ​​developing a decentralized LinkedIn earlier in September.

Last month, Bondex, which positions itself as a rival to LinkedIn in the web3 space, announced that it had raised over $10 million in investment.

Bondex is designed to be a more interactive and engaging professional networking platform, reminiscent of LinkedIn’s role as a hub for job seekers, recruiters, and businesses. The platform uses the native BDXN token to facilitate various functions.