Icebreaker raises $5m to launch a blockchain rival to LinkedIn

Icebreaker, an open-source professional network founded by Coinbase and Google alumni Dan Stone and Jack Dillé, has raised $5 million in seed funding, valuing the company at $21 million.

The latest investment will enable the team of six to expand and develop a blockchain-based alternative to LinkedIn. Coinfund led the fund, with contributions from Accomplice, Anagram, and Legion Capital, among others, according to a statement on July 31.

Icebreaker aspires to be the “world’s first open professional network,” contrasting with LinkedIn’s centralized control over digital identities. The platform uses blockchain technology to unify users’ professional profiles and networks into a single channel, allowing for instant credential verification and secure endorsements.

CoinFund CEO Alex Felix highlighted the potential of crypto in developing foundational social graphs for various applications, expressing support for Icebreaker’s mission to provide true ownership of professional identities online. The founders aim to create an “open graph of reputation and identity,” promoting shared context and trust.

Addressing the issue of AI-driven noise and fake personas in digital networking, Dillé humorously listed himself as “CEO of Google” on his LinkedIn profile to demonstrate the ease of misinformation on traditional web2 platforms, which can mislead job seekers and recruiters.

Icebreaker has previously tested early versions of its platform in collaboration with web3 companies such as Coinbase, Opensea, and Polygon Labs.

Interestingly, Coinbase CEO Brian Armstrong had floated his idea of developing a decentralized LinkedIn earlier in September.

Last month, Bondex, also positioned itself as a contender in the web3 space against LinkedIn, disclosed a fundraising of over $10 million.

Bondex is designed to be a more interactive and engaging professional networking platform reminiscent of LinkedIn’s role as a hub for job seekers, recruiters, and businesses. The platform leverages its native BDXN token to facilitate various functionalities.