Syndicate Raises $800K From 100 Investors

Decentralized Investing Platform Syndicate Raises $800K From 100 Investors

Backers of Syndicate’s community raise include Balaji Srinivasan, Jeremy Allaire, Meltem Demirors and dozens more.

Decentralized investing platform Syndicate is decentralizing its investor base.

Some 100 investors have pitched in a total of $800,000 in a funding round that includes some of the biggest names in crypto – Balaji Srinivasan, Jeremy Allaire, Meltem Demirors and dozens more. Earlier this year, the platform raised $1 million in a seed round led by IDEO CoLab Ventures.

“Syndicate’s community raise is an important first step in democratizing our own platform and making Syndicate community-owned,” co-founders Will Papper and Ian Lee wrote.

The platform, which is still in private beta, aims to democratize investing by making it easier for people to spin up decentralized autonomous organizations (DAOs). DAOs are basically shared bank accounts on the blockchain with tools meant to facilitate group decision-making. 

So far, Syndicate has launched six DAOs, including Audacity and the Komorebi Collective, which both provide venture capital to underrepresented founders in the crypto space.

Syndicate’s small but mighty approach to fundraising stands in stark contrast to the ongoing wave of institutional investment in decentralized finance (DeFi). It also speaks to the growing momentum of DAOs in the DeFi ecosystem. 

DAO dogfooding

The community raise was done through a special-purpose DAO on Syndicate’s platform. Lee confirmed the investments were equity investments in Syndicate. 

Lee told CoinDesk in an interview that the round was capped at 100 investors who were invited to invest after being a part of the Syndicate community for months. Contributors to the fund included notable crypto investors, entrepreneurs, professors and even a WallStreetBets moderator. (Note: It also included former CoinDesk writer Joon Ian Wong and Nathaniel Whittemore, host of CoinDesk’s “The Breakdown” podcast.)

“Syndicate is such a cool project because it gets us closer to a world of truly decentralized finance,” Wong told CoinDesk via Telegram. “It’s unlocking new ways for people to back the projects they truly care about.”

Lee said Syndicate’s investors also include members of the organization’s Discord group that previously purchased non-fungible tokens (NFTs) to commemorate the launch of various Syndicate DAOs. Some of these NFTs were purchased for as little as $100, which Lee said was important to the company to ensure equitable access to investing in Syndicate. 

“We believe that investing is really, really powerful. It shapes what gets built in the world, by whom, and for whom, and where. At the same time, existing investment structures and models reinforce, in our opinion, inequality,” Lee told CoinDesk, adding: 

“To solve that, we need to democratize that investment capability. We’re going to do that in a progressive and responsible way by working with aligned investors and communities.”

Lee said Syndicate expects to begin rolling out its private beta in stages beginning in the next several weeks. 

Here’s the full list of investors as provided by Syndicate:

Alana Podrx, CEO, Eve Wealth

Alex Masmej, CEO, Showtime

Alexis Gauba, Co-Founder, Opyn

Ameer Suhayb Carter, Mint Fund

Anastasia Andrianova, CEO, Akropolis

Andrew Steinwold, Managing Partner, Sfermion

Aya Kantorovich, FalconX

Baek Kim, Hashed

Balaji Srinivasan, ex Coinbase, ex Earn, ex a16z

Beryl Li, Co-Founder, Yield Guild

Blake West, Co-Founder, Goldfinch

Bo Shao, Co-Founder, Evolve

Bobby Ong, Co-Founder, CoinGecko

Brian Flynn, CEO, Rabbithole

Calvin Liu, Compound, Divergence

Carlos Gomes, Forefront, Mint Fund

Christy Choi, ex Binance

Colleen Sullivan, CEO, CMT Digital 

Cooper Turley, Audius, Variant

Courtney Chow, Battery, ex IDEO CoLab

Cuy Sheffield, Visa

Dave Kim, Program Officer, Bill & Melinda Gates Foundation

Derek Hsue, Co-Founder, Reverie

Do Kwon, Founder, Terra

Driss

Erik Syvertsen, GC, AngelList

Erikan Obotetukudo, Founder, Audacity

Gabby Dizon, Co-Founder, Yield Guild

George Lambeth, Divergence, Balancer

Illia Polosukhin, Co-Founder, NEAR

Jacob Horne, Founder, Zora

Jake Chervinsky, GC, Compound, Variant

James Foley, Co-Founder, Cowri

James Young, CEO, Abridged, Collab.Land

Jason Choi, Spartan Group, Blockcrunch

Jazear Brooks, Co-Founder, Sifchain

Jean-Cedric

Jeff Garzik, Co-Founder, Vesper

Jeff Morris Jr., Chapter One, ex Tinder

Jeremy Allaire, CEO, Circle

Jess Sloss, SeedClub

Joon Ian Wong, ex CoinDesk

Joris Delanoue, Co-Founder, Fairmint

Joyce Yang, Founder, Global Coin Ventures

Julia Lipton, Founder, Awesome People Ventures

Justin Ridgely, BlockFi

Justine Humenansky, Playground, Fiat Lux DAO

Kaito, Bspeak!

Kazufumi

Kenny White, Founder, Cowri

Kevin Chou, Founder, Rally, Forte, Kabam, Gen.G

Kevin Nielsen, CEO, Boardroom

“Fully Allocated”, Default

Kieran Warwick, Founder, Illuvium

Kinsa Durst, Republic

Kristie Huang, Komorebi, she256

Larry Sukernik, Co-Founder, Reverie

Leighton Cusack, Co-Founder, PoolTogether, PleasrDAO

Li Jin, Founder, Atelier Ventures

Luis Cuende, Co-Founder, Aragon

Mark Roszak, Founder, 1121 Law

Matthew Roszak, Co-Founder, Vesper

Meltem Demirors, Chief Strategy Officer, CoinShares

Micah Johnson, Creator, Aku

Mike Sall, CEO, Goldfinch

Mike Zajko, CoinList, Free Company

Mildred Idada, Founder, Open Web Collective

Min Teo, Ethereal Ventures, ConsenSys Mesh

Morgan Beller, NFX, ex Libra, ex a16z

Nathalie McGrath, ex Coinbase

Nathan McCauley, CEO, Anchorage

Nathaniel Whittemore

Nitya Subramanian, Celo

Noah Jessop, Co-Founder, Nine Realms

Patrick Chang, Founder, Dispersion

Prabhakar Reddy, Co-Founder, FalconX, ex Accel

Rahul Vohra, CEO, Superhuman

Raj Gokal, COO, Solana

Ramon Recuero, Founder, Babylon

Regan Bozman, Dove Mountain Partners, ex-Coinlist

Rene Reinsberg, Celo

Robbie Bent, Ethereum Foundation

Ryan Selkis, CEO, Messari

Sasha (Aliaksandr) Hudzilin, NEAR

Scott Moore, Co-Founder, Gitcoin

Sebastian Delgado, Co-Founder, Fei

Sina Habibian, Ethereum Foundation

Sriram Krishnan, Advisor, Calm, ex Tinder, ex Spotify

Stani Kulechov, CEO, Aave

Steve Blank, Professor, Stanford University

Steve Weinstein, Professor, Stanford University

Thibauld Favre, CEO, Fairmint

Todd Goldberg

Tom Bedecarre, Stanford University, ex AKQA

Tyler Ward, Co-Founder, Barnbridge

Vanessa Slavich, Celo

wsbmod, Wall Street Bets

Xochitl Cazador, Celo, she256

Published By : CoinDesk

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