Web3 Startup Raised $26 Million Series a in a Bear Market

• Solo Ceesay, an ex-Citi investment banker, and NBA star Spencer Dinwiddie met via Ceesay’s brother.
• The pair launched a Web3 platform where celebrities can create their own cryptocurrencies for fans.
• The idea came after Ceesay helped the basketball player securitize his NBA contract using ethereum.

Solo Ceesay, a 27-year-old ex-Citi investment banker, has paired up with the NBA player Spencer Dinwiddie to launch a new Web3 company.

Their app, called Calaxy, has raised $26 million in a Series A funding round led by Animoca Brands and HBAR Foundation this June.

Calaxy is a next-generation social marketplace for diverse creators to monetize their communities. 

Ceesay told Insider the app works “like Patreon and OnlyFans.” But rather than using dollars, Calaxy allows creators to “launch their own cryptocurrencies that fans can purchase and use in exchange for their content. Creators can set their own pricing and decide what they want to offer to their fans,” he continued. 

Ceesay and Dinwiddie first saw a business opportunity in Web3 after Ceesay used his investment-banking expertise to help Dinwiddie securitize a $34.4 million NBA contract using ethereum. 

Ceesay believes Web3 technology can create greater equity for creators or celebrities in their industries. On Calaxy, creators set all the rules and price out what their content is worth in “tokens” that their fans can buy.

The platform allows creators to monetize audio content, video content, images, and messaging all in one place. 

While having an NBA star as the face of the business helped get their feet in investors’ doors, the fundraising process was never easy, Ceesay said. The pair pitched to over 100 funds in eight months. 

It wasn’t a problem getting buy-ins from the Web3 community, as according to Ceesay, “everybody wants to see the boat going, so everyone pushes the boat.” However, it was much harder to sell the traditional venture-capital funds on the Web3-value proposition. 

Luckily, Ceesay’s investment-banking background and his proud identity as a trailblazing Black entrepreneur helped him connect with the right people. 

Ceesay walked Insider through the pitch deck that secured Calaxy $26 million in funding: