Syndicate, a platform to bring decentralized autonomous organizations (DAOs) mainstream, has gathered another $6 million from customers and strategic partners, including the likes of Circle Ventures, OpenSea, Uniswap Labs Ventures and Carta.
Syndicate co-founder Ian Lee said the additional $6 million was “an informal customers and strategic partners raise closed in a matter of weeks,” as opposed to a structured Series B. Think of it more like last year's community round, but “on steroids,” he said.
“In the three months since we’ve been live it’s been really crazy,” said Lee in an interview. “We’ve seen nearly 1,200 investment clubs as DAOs launched on Syndicate. Also, a bunch of our customers and users asked if they can be a part of Syndicate and invest in us. So it was very organic, and also very strategic.”
Cryptocurrency and Web 3 companies appear to have had no problem raising large sums of money of late, but often the quality of participants backing a project is as important as the runway itself – as is clearly the case with Syndicate.
As far as the latest round of backers is concerned, Lee mentioned Carta, which has a large number of companies and investors on its platform and capabilities in cap-table management and fund administration in the off-chain fintech world. Meanwhile, firms like Circle, Uniswap and OpenSea are helping shape Syndicate’s DAO infrastructure, Lee said.
“A lot of DAOs want something like banking accounts, and USDC is really exciting in terms of creating almost banking-like solutions,” Lee said. “Uniswap has extremely powerful infrastructure for exchange and liquidity, obviously, and a lot of our investment clubs are trading tokens or buying NFTs on OpenSea, for example, so partnering up with industry leaders in those areas makes a lot of sense for us.”
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, a cryptocurrency exchange, which in turn is owned by Block.one, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. 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.