They want it built on their tech here: https://blockstack.org/. "New Internet" aye? Is this an based on an episode of Silicon Valley?
Blockstack was in the R&D phase until early 2017 (building the core tech & infrastructure), we launched our browser last summer and now have decentralized apps built on the platform that are live. These apps can scale to millions of users today. We're excited about enabling developers to build new apps like decentralized social networks.
P.S. I'm convinced it's not enough money. It will take over a year just to have something working and usable and it will take more than 5 people to do that.
With Blockstack most of the heavy-lifting is done for you by the underlying platform (identity, auth, storage -- all three decentralized).
We've seen people build functioning chat apps and alternative to Google docs within few months. See stealthy.im and graphitedocs.com