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Social Marketplace HUG Raises $5M Seed Round Led by DIGITAL, OKX Ventures, to Build Creator-First Commerce for Artists

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HUG, a social marketplace that connects digital art and NFT creators with current and prospective collectors, announced today the closing of a $5M round of seed funding led by DIGITAL, a Web3 investment fund founded by Mark Daniel and Benjamin Milstein (aka OhhShiny), whose portfolio includes leading Web3 startups Yuga Labs, Dapper Labs, Recur, MoonPay, and more. OKX Ventures, the investment arm of OKX, the second-largest crypto exchange by trading volume and a leading Web3 technology company, also participated in the round.

Other investors in the round were brought in to offer the company strong strategic partnerships, while also offering it a global footprint mirroring the Web3 ecosystem. They include: L'Oréal's BOLD corporate venture fund, Venrex, Jae Holdings, Cryptology, Samara, and Aa Sons.

Launched in February 2022, HUG was founded by CEO Randi Zuckerberg, the creator of Facebook Live and award-winning Broadway producer. She was later joined by Singaporean investor and entrepreneur Debbie Soon as Co-founder and Chief Growth Officer. HUG will use the investment to accelerate product growth and integrate market leading creator-first commerce features with its existing social curation and discovery tools.

HUG currently offers customizable and shareable profiles for artists to showcase their various collections and social links, while making it easier for collectors to discover artists by involving them in the curation process. Collectors are rewarded with HUG Points that are exchangeable for rewards when they vote on artists they wish to see on the platform, as well as when they engage directly with creators by leaving them thoughtful comments and reviews.

About HUG

Founded by Randi Zuckerberg, HUG is a social marketplace that allows artists to sell digital and physical goods, and connects them with current and prospective collectors. Through a community-driven, decentralized curation process, HUG spotlights diverse creators, including and especially those from underrepresented and marginalized communities. HUG is also known for HUG Studios, which offers educational and advisory programs for Web3 startup founders and creative entrepreneurs. In November 2022, HUG consolidated the Meta Angels NFT community under its parent company Assemble.

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