Dora Factory, a leading decentralized governance infrastructure provider, has successfully completed a strategic fundraising round, raising $10 million. The round saw participation from prominent institutional investors such as Nomad Capital, No Limit Holdings, Sky9 Capital, Singapore’s UOB-Signum Blockchain Fund, Interop Ventures, Cai Wensheng’s Longling Capital, and nine others.
The funds raised in this round will be used to accelerate the adoption and strategic expansion of Dora Factory’s decentralized governance and public goods funding technology stack.
Dora Factory specializes in public goods technology and decentralized governance and offers various solutions. One of its main offerings is the Public Good Staking infrastructure, which enables ecosystem funding through block incentives. Another solution is Dora Vota, a Cosmos SDK appchain that hosts dGov protocols. Additionally, the company has developed the multi-chain Quadratic Governance protocol stack, an on-chain mechanism that democratizes public goods funding and ensures privacy through anonymous and general MACI voting infrastructure.
Recently, the Cosmos Hub community approved governance proposal No. 917 and a $1 million grant to AEZ Quadratic Grant. The grant will operate 10 rounds of quadratic funding using Dora Factory’s voting appchain, Dora Vota, over the next 24 months. The funding will be allocated to startups and public good builders in the Cosmos Hub and associated ecosystems, with the aim of creating a thriving ATOM Economic Zone.
Earlier this year, Dora Factory successfully closed its first strategic round, led by Whampoa Digital, co-founded by Amy Lee. The round also saw participation from dao5, a new venture capital firm founded by Tekin Salimi. In 2021, Dora Factory raised a total of $17.5 million with backing from investors such as Binance Labs, HashKey, and The LAO.
Eric Zhang, the Architect of Dora Factory, expressed the company’s commitment to the research and development of decentralized governance apps and infrastructure since its inception in 2020. Through Dora Factory’s infrastructure, over 2,000 startups have received $20 million in on-chain grants.
Dora Factory has established close collaborations with more than 30 Web3 ecosystems, including Aptos, Celestia, Injective, Klaytn, and Akash. These ecosystems have embraced Dora Factory’s protocol stacks, providing public goods builders and early-stage development teams with sustainable funding assistance through the innovative Public Good Staking approach launched by the Dora Factory team in 2022.
Erick Zhang, Partner of Nomad Capital, expressed his excitement about the partnership with Dora Factory, highlighting the company’s strong track record and its potential to drive innovation in the decentralized governance space.
Gin Chao, Founding Partner of No Limit Holdings, commended Dora Factory’s efforts in advancing decentralized governance and expressed confidence in the company’s ability to shape the future of the industry.
Steve Ngok, a core contributor to Dora Factory, emphasized the company’s dedication to providing effective solutions for decentralized governance and public goods funding, underscoring the positive impact it has had on startups and development teams.
Overall, the successful fundraising round positions Dora Factory for further growth and expansion as it continues to pioneer decentralized governance infrastructure and support the development of public goods in various ecosystems.