CreatorDAO, a decentralized organization that provides financial and technological support for creators, has raised $20 million in seed funding.
The crypto-friendly venture firm a16z and Initialized Capital led this round. Additional participants included 2 Ventures, M13, Audacious Ventures, 6th Man Ventures, Abstract Ventures, SV Angel, Hack VC, Fika Ventures, Fuel Capital, Goldhouse, Soma Capital, Alliance DAO, Shima Capital, Olive Capital, Kygo's Palm Tree Crew, MGU Capital, Position Ventures and Alchemy Ventures. Paris Hilton and The Chainsmokers and other individuals also invested in this round, according to an announcement on Tuesday.
Creators must apply to CreatorDAO to receive support. Those selected receive financial support, mentorship and technological tools for creating content and growing their brand. In exchange for the support, CreatorDAO retains a portion of the creator’s earnings.
CreatorDAO is one of a number of projects aiming to provide crypto tools for creators. Startups like Roll and Rally are also investing in social tokens, or cryptocurrencies tied to a creator’s community.
“Creators today are businesses, but no one's figured out how to help them realize their growth potential," said Michael Ma, CEO and co-founder at CreatorDAO, in a statement. "It's an investment vacuum similar to the one that Y Combinator and angel investors filled for tech entrepreneurs 17 years ago."
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