In Brief:
- Syndicate Protocol raises $20M From Andreessen, Coinbase, Snoop Dogg and Others.
- The funding will be used to accelerate the development of a DAO.
In an announcement on August 31, Syndicate revealed that it had raised $20 million. Andreessen Horowitz (a16z) led the Series A funding round.
The investors who took part in the round are IDEO CoLab Ventures, Electric Capital, CoinFund, Scalar Capital, Coinbase Ventures, Aave, Protocol Labs, Delphi INFINFT, and True Ventures.
About 150 notable founders, operators, creators, and individuals also pledged investments in the venture. These included Alexis Ohanian, Biz Stone, Ashton Kutcher, and Snoop Dogg.
The protocol aims to “democratize investing”. It will empower communities to raise and invest capital in an environment that is traditionally only available to the big financial players.
They are developing decentralized investing & social networking protocols. The platform will empower communities to raise and invest capital like never before.
Also Read: XREX Raises $17M in its Pre-Series A Funding Round
The funding will be used to accelerate the development of a DAO. This will happen with a view to integrating with Web3 projects and fintech startups. Syndicate stated that it is currently working with dozens of new communities such as CityDAO.
