Web3 startup DAOLens has raised $5 million in its Pre-Seed funding round from Web3 investors Nexus Venture Partners, Better Ventures, and iSeed II.
Other Web3 investors including Sandeep Nailwal (Co-founder, Polygon), Gokul Rajaram (Board of Director, Coinbase), Raj Gokal (Co-founders, Solana), Arjun Sethi (Co-founder, Tribe Capital) and Simon Doherty (VP of Animoca Brands) also participated in this round.
The funding round also saw participation from many prominent angel investors like Kunal Shah (CEO of CRED), Balaji Srinivasan, Kunal Bahl and Rohit Bansal (Co-founders of Snapdeal), and Vishal Gupta and Narendra Rathi (investment advisors at Softbank).
The startup plans to use the funds for product development, team expansion and eventually to grow in international markets.
Bangalore-based DAOLens was co-founded by Apoorv Nandan and Vikram Aditya in January 2022, to help decentralized autonomous organizations (DAOs) effectively onboard and manage contributors.
The fintech firm is currently building infrastructure-based DAO tooling to help reduce contributor churn and introduce new users to the DAO.
“This successful pre-seed funding round is a testimony to the strength of our project and the belief in the roadmap as well as the team. Simplifying the way DAOs connect with their community addresses a serious challenge that the Web3 world faces. No one can predict the future with certainty but given how DAOs are maturing, it is a challenge that is in desperate need of a head-on tackle and we are here to do that”, said, Vikram Aditya, CEO and Co-founder of DAOLens.
The company is planning to launch a non-transferrable non-fungible token (NFTs) in the next few days as a token of gratitude to select investors.
“As DAOs transform the future of work, DAO management tools will have a very large part to play. DAOLens is helping remove the ambiguity around DAOs by implementing a mature approach to managing DAOs. DAOLens’ product-first and customer-obsessed team is operating in a market that is on the cusp of breaking out and we are very excited at the opportunity to work with the team,” said, Partik Poddar, a partner at Nexus Venture Partners.
DAOLens is working towards bridging the contributor gap problem around DAO (Decentralized Autonomous Organizations). At DAOLens they help contributors discover DAOs where they belong.