Revolutionizing the Social Media Landscape: Cheelee has Raised $22.45 Million in Funding and is Preparing to Launch an app in Q1 2023

Cheelee, the GameFi short video platform, sums up the 2022 year, closes the $22.45 million investment round, and plans to launch the app with a Free-to-Play mode this winter, after three years of development.

Cheelee's creators are backers of the attention economy, bringing this concept to a wider audience of users who can monetize their time, skills, and attention watch, create, and play within the blockchain-based platform. The company aims to lower the entry barrier to Web3 and crypto adoption, allowing a global audience of 4.5 billion social media users to test the GameFi platform, get free NFT-glasses and earn watching and creating content.

Crypto winter isn't chilling VCs from investing in quality projects

During the passing year, the company enlisted the support of six venture capital funds from across the globe. The UAE's Infinity Technologies Fund, headed by Sheikh Awahd Mohd Sheikh Majrin Bin Sultan, invested in token allocation and provided Cheelee with a trendy partnership program. Cheelee's strategic investment partners include the UK's R-930 Capital, which has a significant portfolio of GameFi projects and a clear understanding of the industry, as well as GotBit VC, the CIS market making leader, which invested their great Web3 expertise value in the product in addition to supporting it with token allocation. Veligera Capital (US), Axevil Capital (US), and VC SILA (CIS) have all brought important equity and token investments.

"Under the hood" technologies and development history

By the end of 2022, the basic functionality of the application is completed. Smart contracts audited by CertiK and Pessimistic will be deployed before the New Year, and the Cheelee app will be released in the first months of 2023. The company will launch an innovative personalized recommendation system based on machine learning and ETL data analysis practices, vectorization principles, and its configuration based on business priorities. The app's revenue is split between NFT sales and traditional social media profits from advertising, brand collaborations, and in-game purchases.

Brightest minds on board and grandiose marketing ahead

The architecture and economy of the Cheelee app are built on the interception of blockchain innovations and traditional industry benchmarks. Numerous experts from digital, Web3 and crypto markets are backing the project, in particular: Ryan Horn (Binance NFT BD director), Vladislav Martynov (Etherium Advisory Board ex-member, co-founder of BlockRock Capital and BlockGeeks), Siva Sagiraju (senior product marketing manager at Polygon Technology), Evan Luthra (Leading Blockchain Expert of 2022 by USA TODAY, Forbes 30 Under 30 alumni, tech guru and investor) and Wise Advice (YouTube blogger).

On attracting 133K supporters to their community, Cheelee still places a high value on marketing. The budget for the launch campaign exceeds $30 million, including founders' own funds invested, and Cheelee has already acquired 20K users through whitelisting. On the eve of the app's release, the company distributes 625.000 $CHEEL tokens worth $50,000 becoming a part of the launch of the most promising Web3 social media app of 2023!