Snapshot Labs raises $4 million in seed funding to build DAO governance solutions
November 19, 2021, 12:00PM EST
1 min read
Snapshot Labs, a decentralized organization (DAO) governance solution provider, has completed a $4 million seed investment round led by crypto-focused early-stage venture capital fund 1kx.
Coinbase Ventures, StarkWare, MetaCartel, Gnosis, and Scalar were also among the investors involved in the capital raise.
According to Friday’s announcement of seed funding investment, Snapshot plans to use the capital to build more robust solutions for decentralized governance.
The funding news marks the first capital raise by the project that has so far been reportedly financed by Gitcoin donations, as well as funds provided by the likes of MetaCartel DAO, ENS, Curve DAO, and Balancer.
As part of the funding announcement, Snapshot stated plans to introduce improvements to its voting framework. The project stated that these changes will help to make DAOs become more mainstream.
Snapshot’s website shows over 2,200 DAO communities and the project says one million votes have been cast on the platform.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.