Syndicate, an ‘AngelList for DeFi,’ Raises $1M Seed Round Led by IDEO CoLab Ventures

Still in private beta, the project intends to create a social graph for investors, developers and founders for the creative economy.

AccessTimeIconMar 17, 2021 at 12:00 p.m. UTC
Updated May 9, 2023 at 3:17 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Decentralized investing protocol Syndicate has raised $1 million in a seed round led by IDEO CoLab Ventures to decentralize crypto investing from the ground up, according to a blog post shared with CoinDesk.

Although still in private beta, Syndicate co-founder’s Will Papper and Ian Lee described Syndicate as a social graph for the rapidly decentralizing investment economy. Both Papper and Lee were employed at IDEO prior to Syndicate.

“We have a strong hypothesis that the next frontier of decentralized finance and crypto is social networks,” Lee said in an interview with CoinDesk. “The only thing that can't be forked is the community, and we take that to the next level with the only thing that can't be forked," which is "the social network.”

Syndicate is already connecting aspiring founders and investors, such as for non-fungible token (NFT) projects, according to Papper. The protocol enables founders to raise funds and conduct on-chain governance such as airdropping tokens, he said.

The team will use the funds for hiring more engineers as well as launching the protocol in the coming weeks.

The round was joined by Electric Capital, Delphi Ventures, CoinFund, Robot Ventures, Kleiner Perkins, DeFi Alliance and Nascent plus 18 individual investors.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.