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Using the funds, Syndicate is planning to further improve the DAO infrastructure while increasing user participation in the space.
On Tuesday, August 31, decentralized investment platform Syndicate announced raising $20 million in its Series A funding round led by Andreessen Horowitz. Startup syndicate also specializes in building infrastructure for decentralized autonomous organizations (DAO).
DAOs are nothing but economic entities allowing a group of people to invest together. Apart from a16z, other investors participating in the funding were Coinbase Ventures, Sound Ventures, and Bill Ackman’s Table Management.
With the latest funding, Syndicate said that its mission is to make it easier for users to create DAOs. The official announcement noted:
“Within the next decade, investing will be decentralized, democratized, and community-driven. Syndicate is building the infrastructure to enable this at scale – we’re developing decentralized investing and social networking protocols, advanced legal tech solutions, and a next-gen social networking platform that empowers communities to raise, coordinate, and invest capital like never before”.
Also, Syndicate seeks to have level playing building builders, creatives, influencers, and friends to invest in new ideas. To attain this goal, Syndicate has considered collaborating with industry leaders sharing a similar vision. Back in June, while speaking to a panel of investment DAOs, Syndicate co-founder Ian Lee said:
“Syndicate is is creating a decentralized investing protocol that enables anyone to create an investment syndicate on the Internet for less than $10 in less than a minute”.
As Said, DAO’s function on a completely decentralized architecture. They have no specific hierarchy and thus no point of failure. These DAOs operate worldwide with the rules written in open-source codes. All the decision-making has been encoded in smart contracts that execute autonomously on a blockchain.
Syndicate Accelerating DAO Development with New Funding
Syndicate said that it will use all the funds to accelerate development around DAO-powered technologies. It will also use these funds towards integration with fintech startups and Web3 projects.
Furthermore, Syndicate intends to support communities with advanced legal and operational tools. This will also help them towards a long-term growth. In the announcement, Syndicate said that they are working with dozens of new communities like CityDAO (democratizing access to land) to launch in the coming months as part of our private beta rollout.
The recent fundraising can put syndicate at the forefront of DAO development.