DAOLens Raises $5 Mn In Pre-Seed Round Led By Nexus Venture Partners
The fresh funds will be used by the company for product development, talent acquisition and to facilitate the subsequent launch of its stack of tools, said a statement
DAOLens has raised $5 million in seed round funding led by marquee web3 investors Nexus Venture Partners, Better Ventures and iSeed II. Other notable investors from within the web3 ecosystem include Coinbase's Gokul Rajaram, Polygon co-founder Sandeep Nailwal, Solana co-founder Raj Gokal, the VP of Animoca Brands Simon Doherty and Tribe Capital's Arjun Sethi.
The fresh funds will be used by the company for product development, talent acquisition and to facilitate the subsequent launch of its stack of tools, said a statement, adding, a portion of the funds will also be used to scale business operations in line with the startup's expansion.
DAOs (decentralized autonomous organization) can change the way people work, but joining a DAO can be a complex process, especially for beginners. DAOLens, a DAO onboarding, contribution management and discovery discovery and onboarding startup, is looking to not only simplify the process but also make it more efficient.
DAOLens will be dropping one-of-a-kind, non-transferable non-fungible tokens (NFTs) to a select few investors in the coming days as a token of their gratitude for believing in the long-term vision of the company, added the statement.
"This successful pre-seed funding round is a testimony to the strength of our project and the belief in the roadmap as well as the team. Simplifying the way DAOs connect with their community addresses a serious challenge that the web3 world faces. No one can predict the future with certainty but given how DAOs are maturing, it is a challenge that is in desperate need of a head-on tackle and we are here to do that," said Vikram Aditya, CEO and co-founder, DAOLens.
The pre-seed round also saw participation from angel investors Balaji Srinivasan, Snapdeal co-founders Kunal Bahl and Rohit Bansal, CRED founder Kunal Shah, CEO of Nazara Technologies Manish Agarwal, Softbank's Vishal Gupta and Narendra Rathi and others.
DAOs mark a seismic shift in the digital ecosystem, similar to the internet and smartphones. Tools are a necessary part of DAOs because they make it easier for users to meaningfully contribute and maintain operational efficiency as DAOs scale with market size potential in billions of dollars. There are currently nearly 5,000 DAOs that operate worldwide, with over $9 billion assets under management (AUM).
"As DAOs transform the future of work, DAO management tools will have a very large part to play. DAOLens is helping remove the ambiguity around DAOs by implementing a mature approach to managing DAOs. DAOLens' product-first and customer-obsessed team is operating in a market that is on the cusp of breaking out and we are very excited at the opportunity to work with the team," said Partik Poddar, partner, Nexus Venture Partners.
DAOLens was founded in January 2022 by Vikram Aditya and Apoorv Nandan to help DAOs effectively onboard and manage contributors. The B2B web3 company currently has three live product offerings – a discovery portal, a contributor onboarding solution and community management tools.