May 23, 2024, Singapore — Decentralized governance infrastructure Dora Factory announced the completion of a new round of strategic financing of US$10 million. Nomad Capital, No Limit Holdings, Cloud Nine Capital, Singapore UOB Web3 Venture Capital Fund UVM Signum Blockchain Fund, as well as Cai Wenshengs Longling Capital, Cosmos Ecosystem OG Interop Ventures, Eigenlayer co-founder Calvin Liu and 15 other well-known institutions and individuals.
This round of financing will accelerate the strategic expansion of Dora Factorys decentralized governance and public goods funding technology system.
Dora Factory is a leading decentralized governance and public goods technology protocol. Its core products include the open permissionless, governance-focused Cosmos SDK application chain Dora Vota, the anonymous privacy voting infrastructure aMACI, and multi-chain quadratic funding for the democratized public goods funding process.
Just last week, the Cosmos Hub community voted overwhelmingly in favor of Proposal 917, allocating one million US dollars to the DoraHacks AEZ quadratic Grant to run ten rounds of quadratic funding in the Cosmos community over a two-year period. All funds will be distributed to Cosmos and application chain ecosystem public goods builders and early project developers through the Dora Factory protocol stack.
Dora Factory announced earlier this year that it had completed strategic financing led by dao 5 and Whampoa Digital. Dao 5 is a new fund established by former Polychain partner Tekin Salimi; Whampoa Digital is a venture fund co-founded by Amy Lee, former senior partner of Lee Lee, founded by Singapores first Prime Minister Lee Kuan Yew, and Lee Han Shin from Lee Rubber Group and OCBC Bank Family Office. Prior to this, Dora Factory raised a total of US$17.5 million from investors including Binance Labs, HashKey, The LAO, etc.
“Building leading public goods funding and decentralized governance infrastructure is a key step for the Dora team to promote the development of the global geek movement and cutting-edge technological innovation.” said Eric Zhang, Architect of Dora Factory. “We are very happy to receive broad support from the crypto community. In fact, decentralized governance is a very deep and interesting technology stack, and we are in the early stages of its development. Dora Factory’s work over the past three years has laid a good foundation for the scale of decentralized governance.”
In the four years since its establishment in 2020, Dora Factory has focused on researching and developing decentralized governance infrastructure and applications. More than 2,000 startup teams have received more than 20 million US dollars in funding using Dora Factorys protocol.
More than 40 major Web3 ecosystems, including Aptos, Celestia, Injective, Klaytn, Osmosis, Akash, etc., are deeply using Dora Factorys infrastructure, and through Dora Factorys pioneering Public Good Staking, they provide long-term and continuous financial support for public good builders and early development teams.
The asset management volume of on-chain community governance has reached hundreds of billions of US dollars. Now is the golden time for the development of governance technology. Erick Zhang, founding partner of Nomad Capital, said, After four years of development and accumulation, the Dora team has deeply cooperated with many important ecosystems and has gradually grown into a public goods infrastructure that cannot be ignored in the industry. We are even more pleased to support Dora Factorys vision of empowering developers to innovate leanly, and look forward to further helping it expand the use scenarios of new technologies including aMACI through this investment.
There has been a vacuum in the public goods funding and governance space for several years. Dora Factorys development of Dora Vota and anonymous privacy voting technology fully demonstrates their leading position in Web3 governance and public goods funding. Governance is an important part of the value of blockchain technology. We recognize their influence. Millions of votes have been cast in Doras products and over 2,000 projects have received funding through quadratic funding. Our investment is the first step to continue supporting their efforts. said Gin Chao, founding partner of No Limit Holdings.
“With the help of new investors, we look forward to further developing the Dora Factory ecosystem, including infrastructure and model innovations such as multi-chain quadratic funding and public goods staking, encouraging global developers to expand the use cases of anonymous MACI technology (aMACI), and building new governance applications based on Dora Vota, etc., to provide more powerful product system support for on-chain communities and cutting-edge technology teams.” Steve Ngok, a core contributor to Dora Factory, commented.
About Dora Factory
Dora Factory is a leading decentralized governance protocol stack that provides governance and long-term incentives for the global geek movement, open source communities, and decentralized organizations through Public Good Staking and Dora Vota. Dora Factory pioneered the construction of public goods staking infrastructure, changing the way the PoS ecosystem funds developers in the long term, while Dora Vota provides a complete decentralized governance platform. Users can create programmable governance mechanisms such as MACI and quadratic voting through the open platform provided by Dora Vota, reducing the cost of decentralized governance and laying the foundation for the popularization and adoption of decentralized governance.
Visit DoraFactory.org to learn about and use Dora Factory products.
For more information, visit the Dora Research blog: research.dorahacks.io
