Hona, a Singapore-based social accountability platform, has announced that it has secured an undisclosed sum in its maiden investment from Draper University Ventures (DUV).
This follows its winning of the first place at DU’s Fundamentals of Entrepreneurship programme in August this year.
The capital will be used to support the app development as well as for marketing and research efforts.
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Remote workers are a growing population due to COVID-19. Procrastination is something almost everyone struggles with, and online privacy is a growing concern due to mass distrust.
Hona believes its solution can help address these key issues.
Set up in September this year by George Samuels, Hona is a social commitment platform to help one honour commitments and achieve goals together. It is a platform for remote workers, which “intelligently” rewards people who honour their commitments. It also incentivises, keeping yourself and others accountable.
Hona claims to be bringing a fresh approach to goal-setting and habit tracking, using proven methods in behavioural science, group accountability and blockchain technology.
Community is a key area of focus for Hona, with beta users having already pre-purchased memberships at hona.io.
Samuels said: “Having validated our idea with paying customers, we knew we were onto something. And when we won the pitching competition, it only confirmed our hunches. Remote workers are a growing population due to COVID-19. Procrastination is something almost everyone struggles with, and online privacy is a growing concern due to mass distrust. We believe our solution can help address these key issues.”
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Hona is Samuel’s second venture, which grew out of a productivity accelerator called The Pack and involvement in Bitcoin since 2013. His first company was Faiā, a community consultancy for progressive ventures specialising in blockchain technology, which has been around since 2018.
Legendary Silicon Valley venture capitalist Tim Draper started DU with a mission to accelerate ideas by igniting the entrepreneurial spirit globally. Through its online and on-site programmes, DU connects founders with an international network and capital to build the future.
Tim Draper’s investment portfolio includes the likes of Tesla, SpaceX, Telegram, Robinhood and Coinbase.
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Image Credit: Hona
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