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.
A trio of political parties in Germany struck an agreement this week that will see them assemble a national governing coalition. Part of that agreement, according to the German-language text, includes a call for European countries to work together to monitor activities in the crypto sector.