Web3 Social Media App Calaxy Founded By Entrepreneur Solo Ceesay, NBA Star Spencer Dinwiddie Raises $26M
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Web3 Social Media App Calaxy Founded By Entrepreneur Solo Ceesay, NBA Star Spencer Dinwiddie Raises $26M

To enhance the creator economy, Calaxy has raised $26 million in a round co-led by The HBAR Foundation and Animoca Brands combined with participation from Polygon.

Calaxy Designed To Empower Creators

Launched in 2020 by tech entrepreneur Solo Ceesay and NBA star Spencer Dinwiddie, the social marketplace welcomes influencers and entertainers to empower its fanbase by developing more intimate and engaging experiences. Well-known creators on the platform include National Football League Pro Bowl running back Ezekiel Elliott, R&B singer Teyana Taylor, and “The Bachelor” star Matt James.

An added perk set to likely draw creators from all walks of life is that Calaxy allows users to monetize their fan base directly rather than through brand and advertising deals. The feature allows creators to have greater jurisdiction over their worth.

“Social media influencers, and entertainers at large, are suffering from inequitable earning conditions — they are being remunerated fairly relative to the value they create. Calaxy was created to be a tool that puts the power back into the hands of the creators. Our application allows influencers to monetize their communities directly instead of being reliant on brand and advertisement deals. This way, creators are able to determine the value of their time while directly connecting with their fans. The best part is that no third party can interfere with that,” Ceesay told AfroTech exclusively. 

How The New Funding Will Advance Calaxy

The substantial funding will support specific go-to-market strategies to transition smoothly into Web3, an aggressive release schedule backing new features on its mobile and web application, and Calaxy’s expansion in the Web3 space as the company aims to increase accessibility.

“With Calaxy’s latest raise, we are looking to aggressively build the most intuitive user experience that Web3 social media has ever seen. At the moment, Web3 is something that is largely inaccessible to the average person and Calaxy has set out to change that. We are starting with the end customer and backsolving for the experience which is necessary to meet them where they are at. Once the benefits of blockchain are made accessible to those outside the core group of early adopters, we will see a large uptick in the number of content creators able to make this role their sole source of income,” Ceesay said.

Ceesay Named Calaxy's Chief Executive Officer

Coupled with new funding, Calaxy will be entering a new era led by Solo Ceesay. The former chief operating officer since 2020 has now been named chief executive officer. Ceesay will succeed Dinwiddie, who will now become the company’s executive chair.

Serving under the new title with traditional financial experience dating back to his time on Wall Street, Ceesay will revolutionize the creator economy by increasing capital inflow from key Calaxy project investors, creating an alternative revenue framework, and work to redirect revenue back into the pockets of its community.

“It is with overwhelming joy and pride that I accept this role and succeed my longtime friend and co-founder, Spencer Dinwiddie — I cannot wait to carry the torch and help revolutionize the way content creators and celebrities monetize their communities,” Ceesay said.

He continued: “Raising money as a young, Black founder is insurmountably difficult, so this accomplishment isn’t solely a victory for Calaxy but most impactfully, a victory for the Black community. Endless things have to go right before a single dollar comes in — this financing sets a new precedent for what is achievable for Black entrepreneurs. Moving forward, my goal as CEO is to make Calaxy the easiest onramp into Web3 for both fans and content creators. Ultimately, we want to be the standard for personal monetization and fan engagement.”