Peter Thiel-Backed VC Leads $140 Million Investment Into Line Next

Summary:
• Line Next has described it as the biggest funding round in Asia's Web3 space, and will use the funds to support its ambitious Web3 plans.

In preparation for the January 2024 debut of its worldwide NFT platform, DOSI, Line Next, a project on a mission to expand the NFT ecosystem, has raised $140 million. Private equity firm Crescendo Equity Partners, backed by billionaire venture capitalist Peter Thiel, led the investment. In what signifies investor confidence in its growth potential, Line Next described it as the biggest funding round in Asia’s Web3 ecosystem in 2023.

The Line Next mission: 5.5 million users an ambitious plan for Web3

Since its launch in 2021, Line Next has grown to onboard over 5.5 million users, who have conducted more than 470,000 transactions across the globe. In its pursuit of making Web3 more accessible, the company intends to use the funds to expand its worldwide operations and develop new services.

The DOSI mobile app will be available to users all around the world following integration with the LINE NFT marketplace in Japan.  Furthermore, Line Next will be introducing a new feature that will enable brands to offer ownership of their digital products directly, while making transactions easier. The company has also prioritised acceleration of Web3 adoption using new services that will be available on the Finschia blockchain.

The NFT marketplace on Line will run on the Finschia public blockchain, and Crescendo and Line Next will join the Finschia Foundation’s board of directors.  Line also intends to release a social app that lets users design their own AI-powered characters and then interact with them.  The company has revealed that characters from its original Brown and Friends series will make an appearance in its new Web3 games.