Image source: New Order
New Order announced it has secured $4 million in funding to support its efforts to launch a community-led venture DAO incubator for disruptive DeFi projects.
The raised funding was secured from venture and angel investors including Digital Finance Group, Outlier Ventures, LedgerPrime, Near Foundation, FalconX, Yenwen Feng (Founder of Perpetual Protocol), Mapleblock Capital, Moonwhale Ventures, Youbi Capital and others.
The incubator will provide funding for startups and projects that are designed on the belief DeFi is becoming more and more machine savvy and multi-chain. New DeFi trends also point towards the market expanding towards new digital assets.
“DeFi is entering a new phase and most investors and alliances which help early teams are not getting their hands dirty enough at the ground level - this means building alongside founders” said Eden Dhaliwal, Co-founder of New Order.
“With our DAO structure, we are really committing to gathering the best DeFi builders while funding and building out in the open with the community from day 0”.
DAO Incubator is expected to launch early next month while the first incubated projects could be announced at the beginning of the next year. The project said that it has already incubated three projects developed by “well known partners.”
DAO Incubator seeks to launch between 20 and 30 projects per year as recent trends show there is no such a thing as lack of funding for promising DeFi projects. Instead, projects are facing challenges related to bootstrapping community and liquidity.
New Order will hope that its extensive partner network and a high focus on community-shaped incubation will pay dividends. The DAO incubator will evaluate DeFi applications and decide which projects deserve funding and guidance.
“As a DAO, New Order prioritizes building over investing, sweat capital over venture capital and permissionless incubation community over permissioned investment groups,” added Yenwen Feng, Founder of Perpetual Protocol.
New Order also said it is working to involve a venture platform that will provide projects that are seeking cross-community and cross-chain assistance. James Wo, CEO of Digital Finance Group, is confident New Order will be able to “build one of the largest and most diversified DAO treasuries.”
New Order prides itself as a platform that is community-driven. In addition to providing funding for innovative DeFi startups, New Order will also use its extensive network of partners to support incubated projects with talent and resources to scale their growth and development.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.