cosmos.so discover page is just so good
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I don't think Arena is bootstrapped. Maybe they don't have big investors behind, but they've raised money in the past.
They are very transparent about their operations. No VC money FWIW. > In 2018 we ran a crowdfunding campaign where 850 people invested on Are.na, ~75% of those who invested were already members of our platform. We rely on no other external funding. are.na/about
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