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Why We Invested in Pool Data

news

Why We Invested in Pool Data

July 2022

Posted by

Jamie Burke

CEO and Founder

At Outlier Ventures, we have a deep-seated belief about the importance of data unions. Consumer understanding about how their information has been monetized by large corporations, without any sharing of the profits, has grown in recent years. Regulators, through initiatives like the EU’s Data Governance Act, have been supportive of the transfer of data from big platforms into neutral third-party systems that facilitate sharing.

Large companies are following suit, with Google planning to remove third-party cookies by the end of 2023. In short, mutually-beneficial data protocols that reward creators and provide targeted buying opportunities are the future of an open-source technological revolution, and we have invested as such; you can read about our investment in Swash, a Web3 data rewards system and union, here.

Therefore, it was natural for us to partner with Pool Data, an innovator in the data union space that we believe has the chance to be a revolutionary force in this necessary sea change

Posted by Jamie Burke - July 2022

July 2022

Posted by

Jamie Burke

CEO and Founder

An Incubation Framework for Data Unions

Pool Data provides a suite of services for data unions to utilize as they establish and grow, creating a system for these groups that was previously nonexistent. Data unions have vast technological needs, and Pool Data has sectioned their product into a messaging and payments infrastructure, a query-to-data analytics engine, a personal data vault for members, a marketplace, and a wallet for data union members. This gives unions the tools that they require, removing the need for them to spend costly resources on development, and creates an overlapping data marketplace for buyers.

As more people begin to utilize the service, the marketplace will fill out with unique data offerings, meaning that buyers can explore a multitude of data offerings from different unions in one single location. This also provides sellers with multiple monetization paths; for example, the same data they have created might have applications in two different industries, and they can monetize it to two different buyers. In this way, Pool’s incubation framework creates an overlapping community of data unions that feel the benefit of network effects.

 

Expanding the Possibilities of Data Sales

By making it streamlined and achievable to set up a data union, Pool Data facilitates a new layer of relationships between data sellers and buyers. This serves to expand the already-lucrative data market; a 2018 report by Crtl Shift estimated that productivity and competition benefits enabled by personal data mobility would increase GDP by £27.8bn a year in the UK alone.

Pool Data’s revenue model involves returning the majority of profits to data union members, creating a fair return for those creating the value. A percentage will go to the union operators assuring that they will be able to continue the growth of their businesses and provide value. The remaining 7% will be returned to Pool Data, with 2% of that used to burn tokens in order to provide benefits to holders. Pool Data’s percentage is written into a smart contract, meaning that even if a transaction goes through other marketplaces, they will always receive their fair share. Through creating this easy-to-use data marketplace, Pool Data is expanding the world of data sales, benefitting creators, buyers, and the company alike.

 

Pool Data’s Funding Round and Future

At the beginning of 2022, Pool Data raised $3.7 million in an oversubscribed funding round that Outlier participated in. Boasting an all-star team that includes CNN’s former executive creative director and former employees of Vodafone, The Guardian, GSMA and Web3 projects Golem and Streamr, they have been working hard to develop their core data union offerings, with the marketplace next on their building plans. They will release the Pool ERC-20 token in order to allow for public investment, and have created catalyst programs in which they work with specific data unions in order to tailor their offerings appropriately.

Moving forward, we believe that Pool Data’s ability to democratize data unions creates the rails for a new data economy, one that will benefit not just the company’s revenue but the way we all think about and monetize our data.

 

Learn More about Pool Data

The Project > https://www.pooldata.io/

Twitter > https://twitter.com/pooldata

 

About Outlier Ventures

Outlier Ventures has been backing Web 3 founders since 2014 and is the world’s leading Open Metaverse accelerator program, and was one of the first VC firms dedicated to investing in the emerging crypto ecosystem. Their portfolio includes notable projects across DeFi, NFTs and blockchain infrastructure with a focus on emergent Open Metaverse use cases such as NFT-based play-to-earn games, augmented reality and more. Outlier Ventures portfolio can be found.

Both Base Camp and Ascent are constantly looking for founders accelerating the open Metaverse thesis by launching token networks. We provide a proven framework for growth while weaving together a global network of over 1,000 of the world’s leading Web 3 founders, protocols, and VCs to form an ecosystem of mentorship and investment.

 

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