W3BCLOUD to Go Public via Business Combination With Social Leverage Acquisition Corp I

 Social Leverage Acquisition Corp I has $345 million in trust and has received commitments from AMD, ConsenSys, SK Inc. and others for an additional $50 million in new investments

Publicly traded special purpose acquisition company, Social Leverage Acquisition Corp I , with $345 million in trust, announced that it has entered into a definitive business combination agreement with W3BCLOUD Holdings Inc., a leading storage and compute infrastructure provider for Web3. Upon closing of the transaction, the company will be named W3BCLOUD, Inc., and shares of W3BCLOUD’s common stock are expected to trade on a national exchange.

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“W3BCLOUD is pioneering a next-generation decentralized hardware/software compute and storage platform for Web3 to better serve the developer community and end users, by advancing decentralization of the hardware layers of Web3 upon which the software innovations of the past decade are critically reliant.”

Founded in 2018, W3BCLOUD provides storage and compute infrastructure to power Web3’s decentralized economy. With today’s transaction, W3BCLOUD aims to accelerate its investment in its platform to drive adoption by the blockchain developer community. Additionally, the company expects to benefit from emerging Web3 use cases such as Web3-enabled gaming, NFTs, DeFi, and the Metaverse, to further reinforce its position as a leading Web3 infrastructure provider and diversify revenue.

In contrast to the current internet, the next evolution of the internet, Web3, is underpinned by decentralized infrastructure based on blockchain technology which favors developers, content creators, and consumers with more closely aligned economics. By building a next-generation platform to support Web3 developers, W3BCLOUD expects to help bring this vision to fulfillment. Specifically, W3BCLOUD’s flexible architecture is designed to scale with Web3’s explosive growth and is supported by leading-edge hardware and software expertise from AMD and ConsenSys.

SLAC raised gross proceeds of $345 million in its initial public offering and was listed on the NYSE on February 12, 2021, with the aim to combine with a high-growth technology company capitalizing on a large opportunity. SLAC is sponsored by Social Leverage, an early-stage technology-focused venture capital firm that has invested in over 400 founder-led teams including many leading Web3 companies. Social Leverage and the SLAC team have built a successful track record of investing in highly innovative companies led by exceptional entrepreneurs based on their significant public company experience, broad relationships, strategic expertise and capital raising ability.

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“W3BCLOUD is building the next generation infrastructure to support the Web3 economy, transitioning more control and ownership into the hands of developers and customers across industries spanning finance, digital storage, media and entertainment,” said Sami Issa, CEO of W3BCLOUD. “This transaction allows us to expand our support to Web3 developers and scale with the Web3 economy’s anticipated significant growth. I could not be more excited by the depth of experience and knowledge Social Leverage will bring to our company. With the added benefit of SLAC’s expertise and continued technical support from AMD and ConsenSys, I believe that W3BCLOUD will emerge as the leading dedicated platform to support the Web3 economy.”

“With its proprietary architecture, experienced management team, and large market opportunity, W3BCLOUD is well positioned as the ‘picks and shovels’ play to leverage the secular shift to a decentralized Internet,” said Howard Lindzon, CEO of SLAC. “The key to building world class companies is having a management team with passion, vision and deep domain experience, which perfectly describes this team. Sami and his team have already proven their ability to execute in an emerging and dynamic market. We are eager to help W3BCLOUD continue to execute on this vision and build the next great technology company.”

“We are in the early days of the establishment of a new trust foundation enabled by decentralized protocols which undergird Web3 and its many applications. This technology is powering a paradigm shift from the Age of Silos to the Age of Community,” said Joseph Lubin, founder of ConsenSys and co-founder of Ethereum and W3BCLOUD board member. “W3BCLOUD is pioneering a next-generation decentralized hardware/software compute and storage platform for Web3 to better serve the developer community and end users, by advancing decentralization of the hardware layers of Web3 upon which the software innovations of the past decade are critically reliant.”

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