Instant DAO Creator Syndicate Raises $ 20 Million from Andreessen, Coinbase, Snoop Dogg, and Others

team behind Syndicate, a new protocol that allows anyone to create an investment DAO, today announced a $ 20 million Series A funding round with entrants led by Andreessen Horowitz.

More than 150 new and diverse investors participated, including Bill Ackman’s Table Management; Atelier Ventures backed by BNP Paribas Group; Coinbase Ventures, Sound Ventures by Ashton Kutcher and Guy Oseary and Snoop Dogg Ventures.

“Syndicate is creating a decentralized investment protocol that allows anyone to create an investment syndicate on the Internet for less than $ 10 in less than a minute,” the protocol’s co-founder, Ian Lee, said in June, speaking to a panel of DAO. Shared currency conversations.

He added that this was roughly a thousand times cheaper than any other way to establish such a fund and potentially a way for hundreds of thousands of people to participate in developing and investing in the world’s next big corporations and tech networks.

What are investment DAOs?

Decentralized Autonomous Organizations (DAO) are the ultimate tool for democratizing investing and can take the form of anything from small groups that care about NFT art to investors who pool their capital, talents and networks to generate projects at an early stage. y are designed to operate globally, which means a much wider and richer playing field than a traditional fund.

DAOs have no hierarchy and consequently have no points of failure; there is no company headquarters and the rules are written in open source code, with the decision-making processes encoded in smart contracts that run autonomously on a blockchain. DAO attendees use the entity’s government tokens to vote in which projects to invest in.

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Currently, DAO has nearly $ 9 billion according to tracker DeepDAO, while Moneyweek declared 2020 ‘the decade of the DAO. «

However, creating a DAO can be challenging, which has led to the emergence of DAO authoring platforms, such as Aragon, Colonia, Secure Gnosis, Moloch, and DAOStack.

Syndicate aims to simplify the process and reduce the amount of capital required, thereby fostering new types of DAO to enhance and enrich the ecosystem from which they emerged. And the protocol also contains the legal components and infrastructure necessary to support organizations should they decide to become investment funds in their own right.

Vision is powerful. By combining investments with social media, “Syndicate could potentially do to invest what YouTube did for the shoot, or what SoundCloud and Spotify did for the music recording industry,” Lee said.

Make DAO accessible to everyone

Funds from the Series A round will be used to develop DAO-based technologies, integrate with Web3 projects and fintech startups, and for community support, according to Syndicate’s announcement.

DAO, like Komorebi, which invests in female and non-binary founders, and Audacia, which targets black and African founders, called the technology a game changer.

Komorebi has 35 attendees, and according to co-founder Kinjal Shah, the convenience, ease, the fewest barriers to entry, and the low cost of setting up a DAO were big benefits.

In the coming months, as part of its beta launch, Syndicate has announced that it will work with dozens of new communities, including CiudadDAO, which aims to democratize access to land.

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Eventually, the startup is aiming to decentralize and is already working towards that with its investor base of hundreds, which includes some of the biggest names in cryptocurrencies, including Balaji Srinivasan, Jeremy Allaire, and Meltem Demirors.

vision is exciting and involves technologies that are sure to evolve and develop over the years. But at its root is making investment, previously reserved for a small and exclusive subset of professionals, a global, accessible and fundamentally social activity for everyone.

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