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.