Home>ALTCOIN>Paradigm and Pace Capital Backs DAO Management Platform Network in $5M Seed Funding Round

Paradigm and Pace Capital Backs DAO Management Platform Network in $5M Seed Funding Round


Paradigm and Pace Capital Backs DAO Management Platform Network

 Dework, a startup that aims to be a combination of Trello and LinkedIn for Web3, raised $5 million in a seed funding round co-led by crypto investing giant Paradigm and early-stage venture capital firm Pace Capital.

According to the founder and CEO of Dework, Lonis Hamaili, “The fresh capital will help Dework expand from its current three-person core team and several contributors.”

In a draft blog post provided to CoinDesk, it explains the mission of the Web3 platform: “Dework is a Web 3-native collaboration tool where decentralized autonomous organizations (DAOs) can organize internal and external teams, transparently manage tasks and bounties, and help new members get started.” Other investors such as Balaji Srinivasan, a former Chief Technology Officer at crypto exchange Coinbase, and Sandeep Nailwal, a co-founder of the crypto platform, Polygon, were also involved in this round of seed funding. 

Hamaili said, “Dework targets common pain points for DAOs, which can have thousands of members and can’t use traditional project management tools such as Jira and Linear that use a pay-per-seat pricing model. The organizations tend to have overly broad permission systems that simply split people into “member” and “admin” categories that don’t necessarily reflect the varying amounts of work, history and trust in the community. Members also can’t easily build up a clear work profile of contributions across multiple DAO projects.” He said.

With the platform already being used by popular DAOs, including OpenDao, AragonDAO, CityDao, and ShapeshiftDAO, the effectiveness of the startup is never in doubt. Speaking on the project management side of the platform, Hamaili said that DAO communities want more visibility into the work of the core team and most active contributors. According to him, Dework also addresses the lack of transparency in tooling that makes it difficult for new contributors to quickly get up to speed and start participating.

Paradigm researcher Anish Agnihotri said, “Dework gives Web3 builders all the tools and talent necessary to have ambitious DAOs reach their full potential. The team has built a decentralized solution for a decentralized set of challenges, and we are excited to be a part of the journey as they continue to grow and innovate.”

Featured Image: Megapixl © Enciktep

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