Wayru, a decentralized network aiming to provide a low-cost WiFi option in under-served areas, completed a $1.96 million seed round of funding led by venture capital firm Borderless Capital. The investment will cover working capital and marketing expenses for the next twelve months. Today another blockchain WiFi network, Hexagon, also announced a $2 million seed funding.
Internet connectivity can be scarce in vulnerable communities in low and middle-income countries. Studies show that raising internet penetration from 35% to 75% can add up to $2 trillion in cumulative GDP and generate over 140 million jobs worldwide, according to the World Bank.
Wayru wants to address this by creating a decentralized internet service provider (ISP).
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