Startup Raises $1.5M to Make DAO Creation as Easy as Starting a Group Chat

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Decentralized autonomous organizations (DAOs) have established themselves as a core a part of Web 3, however may they’ve use circumstances outdoors of crypto? Some enterprise capital corporations are betting they do.

Squads, an utility that can be utilized to create DAOs on the Solana blockchain, has raised a $1.5 million seed spherical, the corporate introduced Wednesday.

The spherical was led by Collab+Currency with participation from Reciprocal Ventures, Volt Capital, Chaotic Capital, 6thman Ventures, Republic Capital, 8186 Capital and Solana Capital.

The startup combines all of the important elements of a DAO such as deployment, treasury and vault administration, on-chain voting and chat into one portal, with an accessible interface that makes beginning a DAO “as easy as starting a group chat,” Squads CEO Stepan Simkin mentioned in a press launch.

The firm says it’ll use the funding for the beta launch of its core product with a mainnet, or reside, launch to comply with.

While DAOs have turn into a frequent construction for teams in crypto, Squads believes their utility can lengthen to corporations outdoors of these industries together with freelancers banding collectively for contract work, funding golf equipment pooling assets, gaming guilds coordinating accounts and even sports activities leagues managing tools are all examples of organizations that might profit from a DAO construction.

Stephen McKeon, accomplice at Collab+Currency, mentioned Squads “sees a future where DAOs become a commonplace structure for organizing economic activity. We believe that rather than working for a corporation or nonprofit, many people will work for a protocol someday. So does the Squads team.”