With a recent $5M investment in seed funding, Hug is set to revolutionize the digital art and NFT space. As a New York-based social marketplace, Hug connects talented creators with potential collectors, fostering a diverse and inclusive artistic environment.
The funding round, spearheaded by DIGITAL and featuring participation from OKX Ventures, L’Oréal’s BOLD corporate venture fund, Venrex, Jae Holdings, Cryptology, Samara, and Aa Sons, will propel the platform towards further growth. The capital will be utilized to enhance product development and incorporate creator-first commerce features, seamlessly integrating them with existing social curation and discovery tools.
CEO Randi Zuckerberg and Co-founder and Chief Growth Officer Debbie Soon established Hug with a vision of creating a community-driven, decentralized platform that showcases a wide array of creators, particularly those from underrepresented and marginalized backgrounds. Through Hug, artists can sell both digital and physical goods, bridging the gap between creators and collectors.
In addition to its social marketplace, Hug also operates Hug Studios, which provides educational and advisory programs for Web3 startup founders and creative entrepreneurs. In November 2022, Hug further expanded its reach by consolidating the Meta Angels NFT community under its parent company, Assemble.
Hug’s commitment to nurturing a diverse and inclusive ecosystem for digital art and NFTs is poised to make a significant impact on the creative landscape. With the support of its recent seed funding, the platform is set to pave the way for groundbreaking advancements in the realm of creator-first commerce and Web3 startup support.