Dora Factory Announces $10M Funding Round, Sets to Expand Decentralized Governance

Dora Factory Announces $10M Funding Round, Sets to Expand Decentralized Governance

Renowned decentralized governance protocol Dora Factory has announced the successful closing of a $10 million strategic funding round.

According to the announcement, this funding will boost the adoption and expansion of Dora Factory’s innovative tech stack, designed for decentralized governance and public goods funding.

Furthermore, prominent institutional investors, including Nomad Capital, No Limit Holdings, Sky9 Capital, Singapore’s UOB-Signum Blockchain Fund, Interop Ventures, Cai Wensheng’s Longling Capital, and nine others, participated in the round.

While this is not the project’s first successful funding round, Dora Factory made headlines earlier this year with its first strategic round. The round was led by dao5, a venture capital firm founded by former Polychain General Partner Tekin Salimi, and Whampoa Digital, co-founded by Amy Lee. Moreover, this follows a successful $17.5 million raise in 2021, which included investments from Binance Labs, HashKey, and The LAO.

Dora’s Prominence in Decentralized Governance

Dora Factory has carved a niche in the blockchain ecosystem with its suite of products to enhance decentralized governance. Key among these is the Public Good Staking infrastructure, which channels block incentives into ecosystem funding, and Dora Vota, a Cosmos SDK appchain dedicated to decentralized governance protocols.

Additionally, Dora Factory has developed privacy-preserving, collusion-resistant zk voting infrastructures known as anonymous MACI and general MACI alongside the multi-chain Quadratic Governance protocol stack, which democratizes public goods funding.

The funding announcement follows the Cosmos Hub community’s recent approval of governance proposal No. 917, which includes a $1 million grant to the AEZ Quadratic Grant. This grant will support ten rounds of Quadratic Funding over the next 24 months through Dora Factory’s Voting appchain, Dora Vota. The funds will be allocated to public good builders and startups within the Cosmos Hub and its associated ecosystems, promoting a thriving ATOM Economic Zone.

Eric Zhang, Architect of Dora Factory, emphasized the importance of this funding in advancing the global hacker movement and driving tech innovation. “Building leading public goods funding and governance infrastructure is a critical step for the Dora team. The support from our ecosystem partners and the Web3 community humbles us. We are still very early with many exciting developments ahead.”

Since its inception in 2020, Dora Factory has been at the forefront of decentralized governance research and development. Using Dora Factory’s infrastructure, over 2,000 startups have secured $20 million in grants on-chain. The company has partnered with more than 30 Web3 ecosystems, including Aptos, Celestia, Injective, Klaytn, and Akash, integrating its protocol stacks into their core ecosystems.

The innovative Public Good Staking initiative launched in 2022 has provided long-term, sustainable funding to public goods builders and early-stage developer teams. Erick Zhang, Partner at Nomad Capital, highlighted the significance of this era for governance technology. “Dora Factory has become the industry’s cornerstone of public goods infrastructure. We are thrilled to support their mission to empower developers and foster innovation in the Web3 space.”

Looking ahead, Dora Factory plans to further innovate in multi-chain quadratic funding and Public Good Staking while expanding the use cases of anonymous MACI and building new governance applications on Dora Vota. Steve Ngok, a core contributor to Dora Factory, expressed excitement about the ecosystem’s future growth. “Our goal is to deliver exceptional products for on-chain communities and teams working on frontier technologies.”

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