Dora Factory closes new strategic raise, announces new ecosystem partnerships
- Chain
- December 14, 2023
- Press release
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Singapore, Singapore, December 14th, 2023, Chainwire
Dora Factory, a leading protocol specializing in decentralized governance and multi-chain funding for public goods, has successfully secured a new strategic investment led by dao5. This funding round, which also includes contributions from Whampoa Digital and seven other prominent investors, marks a significant expansion of Dora Factory’s capabilities.
This infusion of capital bolsters Dora Factory’s mission to build more advanced infrastructures for its flagship Public Good Staking products, support essential public goods funding and pioneering research, as well as enhance Dora Vota – its newly launched specialized appchain for advanced voting and decentralized governance.
In conjunction with this new investment round, Dora Factory is also expanding its roster of partnerships, including launching the app-chain quadratic funding rounds for Cosmos ecosystem contributors on Dora Vota.
The initiative undertaken by Dora Factory presents a stark contrast to traditional primary investment models prevalent in the crypto sphere, which are often criticized for their lack of foundational value. Dora Factory’s new strategic raise round highlights its overwhelming fundamentals built over the past 24 months.
Dora Factory distinguishes itself as a model for sustainable growth and long-term viability. Over more than two years, Dora Factory has substantiated its commitment to delivering concrete results, evidenced by the impressive growth of their public good validators, expanding to more than 30 ecosystems and a total value staked soaring at over $250M.
Tekin Salimi, Founder and General Partner of dao5, has commented on the strategic significance of this investment: “Dora Factory is a critical piece of decentralized governance and public goods funding infrastructure for a long list of crypto ecosystems. While many longstanding projects have been undervalued in the recent bear market, dao5 is excited to inject new capital and hands-on support services to revitalize value for the Dora community.”
Peter Huo, Co-CIO of Whampoa Digital, added: “Dora Factory is akin to the Y-Combinator of the Web3 universe, but powered entirely by Web3-native protocols, ecosystems, communities, and builders in a decentralized manner. It has continuously demonstrated itself as a vital component and catalyst for facilitating innovation across each and every ecosystem it engages with. In line with our investment thesis on Web3 applications and mass adoption, we at Whampoa Digital are excited to support Dora Factory in its mission and growth ahead.”
Dora Factory’s approach to funding public goods across the entire industry is a remedial response to the recent trend of commercializing public goods and their funding, which often disproportionately impacts communities. Instead, Dora Factory emphasizes the intrinsic value of public goods and prioritizes sustainable funding mechanisms. Its commitment to community engagement and demonstrated impact solidify its reputation as a dependable partner to founders and the wider community.
With an eye on the future, Dora Factory envisions a scenario where its public good staking is channelled towards funding frontier technologies. Leveraging its sustainable revenue streams, the protocol aims to support vital research and development in critical areas like quantum computing, space exploration and longevity research, setting itself apart as a forward-thinking leader in public goods funding and Web3 in general.
Eric Zhang, Architect of Dora Factory, commented: “Dora Factory has already commenced significant efforts towards ‘frontier staking’ – bring Web3 infrastructures and funding mechanisms to support nascent space technology startups and communities. As it continues to broaden its influence and increase revenue, Dora Factory is committed to deepening its involvement in these sectors, recognizing their crucial role in shaping humanity’s future.”
Dora Factory exemplifies a successful model in addressing the inefficiencies of traditional funding models, pioneering a sustainable and impactful approach towards public goods support. With its proven track record, dedication to community involvement, and visionary goals, Dora Factory is uniquely positioned to significantly influence the landscape of the future of PoS ecosystems via public good staking and decentralized governance in the coming years.
This strategic raise, after Dora Factory’s $17.5 million raise in 2021, will accelerate the infrastructure development and public goods funding process in the multi-chain world.
About Dora Factory:
Dora Factory creates protocols and tech stacks for decentralized governance, empowering the new generation of PoS networks, open-source communities and decentralized organizations through trailblazing solutions like the Public Good Staking infrastructure and Dora Vota, a special-purpose blockchain for voting and governance. To learn more about Dora Factory, please see dorafactory.org
About dao5:
Founded by ex-Polychain General Partner Tekin Salimi, dao5 is a $125 million experimental cryptocurrency investment fund that will convert into a decentralized autonomous organization.
About Whampoa Digital:
Whampoa Digital is the Web3 VC Fund anchored by Whampoa Group, the Singapore-headquartered Whampoa Group. Whampoa Group was co-founded by Amy Lee, a former senior partner at Lee & Lee, a Singapore law firm started by her father, Lee Kim Yew and Singapore’s first prime minister, Lee Kuan Yew and his wife. The investment group’s other co-founder is Lee Han Shih, a member of the business family that co-founded Southeast Asian bank OCBC (OCBC.SI) and Lee Rubber Group, among other companies.
Contact
Core contributor
Steve Ngok
Dora Factory
[email protected]
