Cheelee Secures $10M Funding from VC SILA


Cheelee, the GameFi short video platform, has secured $10 million in its latest investment round. The funds will be used for further development and marketing support of the social networking application, where users can earn rewards by watching vertical videos aligned with their preferences.

Cheelee Raises $10 Million in Investment Round for GameFi Short Video Platform

Cheelee, a GameFi short video platform, today announced that it has closed its latest investment round by securing $10 million from VC SILA through SAFT (Simple Agreement for Future Tokens). The funds raised will be utilized for the further development and marketing of Cheelee’s social networking application, which focuses on vertical videos and allows users to earn rewards by watching content aligned with their preferences. With this recent investment, Cheelee has now accumulated a total of $32.75 million, including the $22.75 million raised in 2022.

Cheelee’s platform operates on the concept of the Attention Economy, which enables users to monetize their time and attention by engaging with the blockchain-based platform through activities like watching, creating, and playing.

By targeting the vast potential audience of 4.6 billion social media users, Cheelee aims to reduce the barriers to Web3 and cryptocurrency adoption. The platform encourages users to try out its GameFi short video platform, offers free NFT-glasses, and provides opportunities to earn money through content consumption and creation.

During the first quarter of 2023, Cheelee successfully transitioned its application from the minimum viable product (MVP) stage to a fully functional product. The app was launched and made available on iOS devices on April 17, following the earlier release on Android devices on February 27. Within a short period since its initial release, the Cheelee app has already been downloaded over 250,000 times.

Cheelee introduced a significant innovation in May by enabling the purchase of NFTs with fiat currency. This unique offering allows a wider audience unfamiliar with blockchain technology to access and acquire Cheelee’s NFT glasses.

The platform’s token, CHEEL, was listed for trading in January and is currently available on various exchanges, including Bitmart, Pancakeswap, Coinsbit, MEXC, and LBank. Since its listing, the token’s price has increased by more than tenfold, garnering significant attention from the crypto and business media.

CHEEL has consistently ranked first in the Top Media crypto ratings published by Yahoo Finance and Investorsobserver, gaining coverage from over 900 crypto, financial, and IT media outlets. Notably, the Cheelee app was recognized as the most anticipated release of Q1 2023 by IBTimes and Finance Magnates.

Throughout the year, Cheelee has experienced substantial growth in its community, with over 340,000 active users on its social media channels. The platform’s social networks are bustling with activity, regularly disseminating marketing and development-related content. In April, Cheelee launched the second CHEEL community drop with a prize pool of $5,000,000, which is still ongoing and open for participation.

Read Also: Game Studio Mighty Bear Raises $10M to Build Immersive AAA Web3 Games

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