Syndicate has announced that over 50 partners, customers, and Decentralized Autonomous Organizations (DAOs) have invested over $6 million in Syndicate during the latest raise. Currently, over 1200 investment clubs have launched on Syndicate since the platform went live at the beginning of the year.
Details Of The Investment
Syndicate’s legally compliant investment DAO toolset went live a little over three months ago and has raised a total of $28 million so far. This amount includes a $20 million Series A round which concluded last summer. Prior to the summer raise, Syndicate had also raised $800,000 from a community round, with funding coming from over 100 well-known figures from the crypto space.
The latest raise of $6 million was described by Ian Lee, Co-founder of Syndicate, as an “informal customers and strategic partners raise closed in a matter of weeks.” In an interview, Lee stated,
“In the three months since we’ve been live, it’s been really crazy. 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.”
A Host Of Backers
The latest round has seen backing from strategic partners such as OpenSea, Circle Ventures, Uniswap Labs Ventures, and Carta. Carta has a significant number of companies and investors on its platform and also has capabilities in cap-table management and fund administration in the off-chain fintech space. To shape its DAO infrastructure, Syndicate has also received significant help from Uniswap, Circle, and OpenSea.
Speaking about this, Lee stated,
“A lot of DAOs want something like banking accounts, and USDC is really exciting in terms of creating almost banking-like solutions. Uniswap has an 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.”
Partnership With Mission-Driven Organizations
Syndicate has also announced that it is partnering with over ten mission-driven organizations and investors. These include Evolve (emotional well-being), Unshackled Ventures (immigrant founders), Flourish Ventures (financial health), Reach Capital (education), Uli Ventures (Diverse Founders), We3 (women and non-binary web3 talent network), Afropolitan (global African community), The Players Community (pro-athletes community), and more.
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.