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Venture Capital News: The React Network Pulls In $4.2M

AUSTIN, TX, The React Network announced today that it has secured $4.2 million in funding.
Anode Labs, the team behind React, announced today that it has secured $4.2 million in funding to develop the world's first community-owned, decentralized Web3 platform that offers small businesses and individuals cash and tokenized incentives for connecting their energy storage assets. React's network will allow participants to connect their home batteries to the company's Web3 network in order to be rewarded for the relative contribution of their specific assets. The first funding round was co-led by venture capital firms Lerer Hippeau and Lattice with follow-on participation from other notable investment firms including VaynerFund, CoinShares, and Digital Currency Group.

The React Network is aiming to modernize the national power grid by creating a community owned network connecting energy storage assets to markets that value them. The U.S. is struggling to modernize the electric grid, and needs the grid to become more flexible to prevent power outages from the effects of climate change. Anode is creating opportunities for everyday homeowners to earn compensation while supporting the energy grid and combating climate change at the same time.
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