Questbook, a Web3 grants platform has raised $8.3 million in its Series A funding round from Lemniscap.
The round also saw participation from Coinbase Ventures, Alameda Research, Dragonfly, Hashed, Polygon, Balaji Srinivasan, Raj Gokal (Solana), Arjun Sethi (Tribe Capital) and Maneesh Sharma (GitHub).
The US-based Questbook was founded in 2021 by Abhilash Inumella, Subhash Karri, Sriharsha Karamchati, and Madhavan Malolan.
It initially started as a learning/edtech platform, but later the co-founders decided to build an on-chain grant orchestration tool to empower developers in 2022.
“During the bear market, builders come together and real innovation happens. Uniswap, OpenSea, Aave, and other projects were all built in bear cycles. So, we will see builders working on real innovation, minus the noise, and they are the ones protocols want to attract through grant programmes”, said, Madhavan Malolan, cofounder of Questbook.
It is bridging the gap between the grant ecosystem and applicants. The startup has partnered with blockchain networks including Polygon, Solana, Harmony, NEAR and AAve to help developers secure grant money. It helped them provide more than $1.5 million in grant money to developers.
In the future, the company intends to access applicants’ credentials on-chain and plans to enable the discovery of crypto earning opportunities.
It is now a community of 20,000 developers with a team size of 20.
The startup said that Questbook, which does not currently monetize its software, plans to increase this grant disbursement from $30 million to $50 million over the next two quarters.
Questbook intends to focus on various other aspects of the firm, including design, product management and marketing.
Questbook is an app that makes it easy for busy professionals to upskill other professionals with bite-sized courses. An early-stage startup with backing from the top CEOs in the country. They’re putting together a great team.