Upstream, a no-code platform where anyone can start and run a decentralized autonomous organization (DAO), announced a $12.5 million Series A funding round and the public launch of its Upstream Collectives platform.
- The funding round was led by existing investor Boldstart Ventures with participation from Ibex Investors, Tiger Global, Vayner Fund, Fenbushi Capital, Panoramic Ventures, Alpaca VC, Human Ventures, Blumberg Capital and The Medici Group, among others.
- The capital will scale Upstream Collectives. The platform offers the key elements of a DAO, including treasury, voting, governance, token gating and a wallet.
- Launched in beta in November, Upstream Collectives has since amassed more than $2 million in assets, according to the company.
- “Upstream is doing for DAOs what Squarespace and Wix did for websites and Shopify did for ecommerce,” said Boldstart Ventures partner Eliot Durbin in the press release. “By making it simple for anyone to launch a DAO, Upstream will open up Web 3 to new audiences and power the future of decentralized community ownership.”
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 Block.one; 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.