thenewscrypto.com
Leading decentralized governance infrastructure, Dora Factory, has announced the completion of a $10 million strategic fundraising. Nomad Capital, No Limit Holdings, Sky9 Capital, Singapore’s UOB-Signum Blockchain Fund, Interop Ventures, Cai Wensheng’s Longling Capital, and nine other prominent institutional investors participated in the round.
The fundraising round will hasten the adoption and strategic expansion of Dora Factory’s decentralized governance and public goods funding technology stack.
Leading infrastructure company Dora Factory specializes on public goods technology and decentralized governance. One of its main offerings is the flagship Public Good Staking infrastructure, which facilitates ecosystem funding driven by block incentives; another is Dora Vota, a Cosmos SDK appchain that hosts dGov protocols; another is the multi-chain Quadratic Governance protocol stack, an on-chain mechanism that democratizes public goods funding and preserves privacy through anonymous and general MACI voting infrastructure.
The governance proposal No. 917 and a $1 million grant to AEZ Quadratic Grant, which will operate 10 rounds of quadratic funding over the course of the next 24 months using Dora Factory’s voting appchain, Dora Vota, were accepted by the Cosmos Hub community last week. The whole funding will be given to startups and public good builders in the Cosmos Hub and associated ecosystems to create a thriving ATOM Economic Zone.
Earlier this year, Dora Factory announced the completion of its first strategic round, which was led by Whampoa Digital, co-founded by Amy Lee, a former senior partner at Lee & Lee, a Singapore law firm founded by Lee Kim Yew and Singapore’s first prime minister, Lee Kuan Yew, and his wife, and dao5, a new venture capital firm founded by Tekin Salimi, a former general partner of Polychain. Previous to this, investors Binance Labs, HashKey, and The LAO backed Dora Factory raise a total of $17.5 million in 2021.
Eric Zhang, Architect of Dora Factory said:
“Building leading public goods funding and governance infrastructure is a critical step for the Dora team to advance the global hacker movement and drive frontier tech innovation. We are humbled to receive much support from our ecosystem partners and the Web3 community. In fact, decentralized governance has a deep and interesting tech stack, and we are still at a very early stage. There are a lot of exciting developments ahead. The work from Dora Factory during the past three years has laid a solid foundation for them.”
Dora Factory has committed itself to the research and development of decentralized governance apps and infrastructure since its foundation in 2020. Using the infrastructure of Dora Factory, more than 2,000 startups have obtained $20 million in grants on-chain.
As their primary ecosystem partner, Dora Factory has collaborated closely with over 30 Web3 ecosystems, including Aptos, Celestia, Injective, Klaytn, and Akash. These ecosystems have also embraced Dora Factory’s protocol stacks. They have given public goods builders and early-stage development teams long-term, block-native, sustainable funding assistance via Public Good Staking, an innovative approach launched by the Dora Factory team in 2022.
Erick Zhang, Partner of Nomad Capital said:
“The assets under governance for on-chain communities has grown to a hundred-billion dollar scale. Now is the golden era for governance technology. Dora Factory has become the industry’s cornerstone public goods infrastructure after four years of dedicated development and iteration. We are thrilled to support the Dora team in their mission to empower developers, foster innovation in the Web3 space, and expand the adoption of new technologies, including aMACI, through this investment.”
Gin Chao, Founding Partner of No Limit Holdings said:
“Dora Factory’s development of Dora Vota and anonymous privacy voting technology demonstrates their leadership in Web3 governance and public good funding. This is a crucial piece of blockchain’s value proposition, and we recognize their impact with millions of votes cast and over 2000 projects receiving funding via QF. Our investment is a first step in continuing to support their effort.”
Steve Ngok, core contributor to Dora Factory commented:
“With support from new investors, we are excited to grow the Dora Factory ecosystem further. Our plans include innovations in multi-chain quadratic funding and Public Good Staking, encouraging developers to expand the use cases of anonymous MACI, and building new governance apps on Dora Vota. Our goal is to deliver a suite of products that provide an exceptional experience for on-chain communities and teams working on frontier technologies.”