Dora Factory Successfully Raises $10M in Strategic Investment
Singapore, Singapore, May 23rd, 2024, Chainwire
Dora Factory has announced the completion of yet another strategic funding round, raising $10 million. The investment group includes notable firms such as Nomad Capital, No Limit Holdings, Sky9 Capital, Singapore's UOB-Signum Blockchain Fund, Interop Ventures, and Longling Capital led by Cai Wensheng, along with nine other well-respected institutional investors.
This funding will significantly boost the adoption and strategic growth of Dora Factory's technology geared towards decentralized governance and public goods financing.
As a frontrunner in decentralized governance and public goods technology, Dora Factory offers key products like the flagship Public Good Staking framework, which fosters ecosystem funding driven by block incentives; Dora Vota, a specialized appchain built on Cosmos SDK for hosting dGov protocols; and unique privacy-preserving voting systems such as anonymous MACI and general MACI. Additionally, they feature a comprehensive multi-chain Quadratic Governance protocol stack, which serves as the on-chain mechanism for democratizing public goods funding.
Just last week, the Cosmos Hub community gave the green light for ten rounds of Quadratic Funding throughout the next two years, facilitated via Dora Factory’s Voting appchain, Dora Vota. All funds from this initiative will be directed towards supporting public good builders and nascent startups within the Cosmos Hub and affiliated ecosystems as they strive to cultivate a thriving ATOM Economic Zone. governance proposal No.917 and a $1 million grant to AEZ Quadratic Grant Earlier this year, Dora Factory garnered attention with its initial strategic funding round led by dao5, a venture capital firm recently founded by Tekin Salimi, a former general partner of Polychain, and co-founded by Amy Lee, who is well-recognized as a seasoned partner at the law firm Lee & Lee, established by notable figures such as Singapore's first prime minister, Lee Kuan Yew. It's worth mentioning that Dora Factory previously raised $17.5 million back in 2021, attracting investments from key players like Binance Labs, HashKey, and The LAO.
"Creating a leading infrastructure for public goods funding and governance is essential for our team at Dora to foster the global hacker movement and propel innovation in frontier technologies,\" stated Eric Zhang, the Architect behind Dora Factory. \"We're grateful for the unwavering support we've received from our ecosystem partners and the Web3 community. Indeed, decentralized governance presents a complex and fascinating tech stack, and we're only scratching the surface. A plethora of exciting advancements lay ahead. The groundwork laid by Dora Factory over the past three years has been critical to our progress.\" Whampoa Digital Since its inception in 2020, Dora Factory has focused on developing decentralized governance infrastructure and applications. To date, over 2,000 startups have accessed $20 million in on-chain grants facilitated by Dora Factory’s supportive framework.
More than 30 Web3 ecosystems—including Aptos, Celestia, Injective, Klaytn, and Akash—have partnered closely with Dora Factory as essential ecosystem collaborators, choosing to implement their protocol stacks. Thanks to the introduction of Public Good Staking, an innovative program launched by the Dora Team in 2022, the organization has been able to provide ongoing, sustainable funding to public goods developers and early-stage teams using a block-native approach.
"The assets under governance for on-chain communities now exceed a staggering hundred billion dollars. This indeed marks a golden age for governance technology,\" commented Erick Zhang, Partner at Nomad Capital. \"Dora Factory has emerged as a foundational public goods infrastructure in our industry after four years of relentless development and refinement. We're excited to back the Dora team as they strive to empower developers, nurture innovation within the Web3 landscape, and increase the utilization of emerging technologies like aMACI via this investment.\"
"Through the strides made with Dora Vota and their pioneering anonymous privacy voting technology, Dora Factory showcases its leadership in Web3 governance and public goods funding. This is a pivotal element of blockchain's value and we acknowledge their substantial impact, evidenced by millions of votes and 2000+ projects benefiting from funding through Quadratic Funding. Our investment represents an initial commitment to bolstering their ongoing efforts,\" shared Gin Chao, Founding Partner at No Limit Holdings.
"With the backing of our new investors, we are eager to advance the Dora Factory ecosystem even further. Our forward-looking plans include innovations in multi-chain quadratic funding and Public Good Staking, aiming to inspire developers to create new applications within anonymous MACI, and to develop fresh governance solutions on Dora Vota. Our ambition is to deliver a comprehensive suite of tools that offer an outstanding experience for on-chain communities and innovators in frontier tech,\" remarked Steve Ngok, a vital contributor to Dora Factory.
Dora Factory establishes protocols and infrastructures designed to facilitate decentralized governance alongside effective funding for the global hacker movement, open-source communities, and Web3 public goods. Their flagship Public Good Staking has quickly risen to prominence as one of the fastest-growing multi-chain staking infrastructures, providing incentives that are directly tied to blockchain growth. Dora Vota functions as a dedicated blockchain for decentralized governance, accommodating general MACI interfaces, anonymous MACI features, and hosting rounds for quadratic governance.
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In line with the Trust Project guidelines Dora Factory Secures $10M in Strategic Funding for Future Growth