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Web3 startup Syndicate DAO raised $6 million in a strategic investment

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Indrani bose Follow

INDIA

May, 05 2022

May, 05 2022

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Web3 startup Syndicate DAO recently announced that it has raised $6 million in a strategic investment. More than 50 customers, partners, and decentralized autonomous organization DAOs have invested in this latest round of funding. According to the company, the new round brings the total amount invested in the platform to more than $28 million.

The total funding round also includes $20 million which it raised last August from a Series A led by Andreessen Horowitz. Venture capital firms such as Andreessen Horowitz and Carta, Circle Ventures, social DAO Friends With Benefits (FWB), NFT collective Deadfellaz, digital asset trading platform FalconX, NFT trading platform OpenSea and Defi protocol builders Uniswap Labs' new venture arm, decentralized media platform Rug Radio, and play-to-earn gaming guild Yield Guild Games as well as institutional funds-of-funds, nonprofits and web3 talent networks were the strategic investors in this latest funding round. This funding round was done to expand Syndicate's network by pooling investors' capital together and voting on how to allocate the funds.

According to Syndicate co-founder Ian Lee, this round is not a traditionally structured Series B round and came soon after Series A. He added informal customers and strategic partners closed raise in a matter of weeks. The company aims to revolutionize investing and hence will be going into a deal with the industry and community in the years. The target of Syndicate is to demystify decentralized autonomous organization DAO. In January TechCrunch covered Web3 Investment Clubs which is a product that was launched three months ago to allow groups to establish a DAO treasury using an Ethereum wallet.

"Originally, we were only going to raise $3 million, but we had so much interest that we doubled that," said Lee.

As per the company, more than 1,100 investment clubs have been created on Syndicate's platform many of which range from 5 to 100 members focussing on a specific mission including advancing more women or people of color in the crypto space, that includes groups like Afropolitan, which is a global community of the African diaspora. It also includes We3, a community centered around women and non-binary professionals.

As per the DeepDAO analytics website, currently, DAO treasuries top $10.2 billion. The collectives which are blockchain-based are known as DAO.

About Syndicate :

Syndicate is a decentralized investing protocol and social network platform which was founded in 2021. It aims at a common goal that uses a shared treasury, smart contracts (programs that execute once criteria are met), and tokens for voting.


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Indrani bose

CBW - External Analyst

INDIA

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