Snapshot Labs raises $4 million in seed funding to build DAO governance solutions

Startups • November 19, 2021, 12:00PM EST

Snapshot Labs, a decentralized organization (DAO) governance solution provider, has completed a $4 million seed investment round led by crypto-focused early-stage venture capital fund 1kx.

Coinbase Ventures, StarkWare, MetaCartel, Gnosis, and Scalar were also among the investors involved in the capital raise.

According to Friday’s announcement of seed funding investment, Snapshot plans to use the capital to build more robust solutions for decentralized governance.

The funding news marks the first capital raise by the project that has so far been reportedly financed by Gitcoin donations, as well as funds provided by the likes of MetaCartel DAO, ENS, Curve DAO, and Balancer.

As part of the funding announcement, Snapshot stated plans to introduce improvements to its voting framework. The project stated that these changes will help to make DAOs become more mainstream.

Snapshot’s website shows over 2,200 DAO communities and the project says one million votes have been cast on the platform.

About Author

Osato is a news reporter at The Block as part of the crypto ecosystems team that focuses on DAO governance, staking, blockchain layers, and DeFi. He was previously a news reporter at Cointelegraph. Based in Lagos, Nigeria, he enjoys crosswords, poker, and attempting to beat his Scrabble high score. Follow him on Twitter at @OsatoNomayo.