XDao, a startup that helps DAOs expand across different blockchain networks, has raised $2.3 million in a seed round at a $50 million valuation.
Investors in the round include Panony, DWF Labs, Telos Foundation and Grizzly Capital, CEO Vlad Shavlidze said in an emailed statement. The funds were raised through a token sale, which closed on Nov. 21. The investment terms include a 12-month cliff and a 36-month linear vesting period, with the tokenomics tailored to the crypto bear market, Shavlidze said.
The Singapore-based startup enables the creation of decentralized autonomous organizations through its DAO framework. Users can establish a DAO, deposit crypto assets, manage them by voting and directly interact with DeFi protocols, the company said in a release.
“XDao came about in the process of solving our personal pain," Shavlidze said in the release. "As a member of the DAO syndicate I noticed how difficult it was to set up operations in web3.”
No central authority
DAOs are community-led organizations with — theoretically at least — no central authority. Their governance is typically managed through token distribution with decisions being managed publicly on a blockchain.
“XDao is attractive because of its functionality, multichain approach and ease of use,” Laurent Perello, an advisor to Tron DAO and investor in the round, said in the release. “With XDao, the process of creating DAOs is greatly simplified and DAOs can easily scale over time.”
The funds from XDao’s raise will be used to expand the team and further develop the product, according to the release.
XDao currently has a “pro” service, which provides users with consulting services. The firm is also planning to provide a DAO registration service in jurisdictions friendly to the DAO structure.
The startup has received several grants from leading projects in the crypto ecosystem, including Binance, Polygon, Optimism and Tron.
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