Syndicate raises $6 million to grow decentralized asset management platform

Syndicate, a decentralized asset management platform that also works as a social network, just raised $6 million in funding from over 50 investors including DAOs, non-profits, partners, customers, and individual investors.

Syndicate allows anyone to create a “web3 investment club” for on-chain and off-chain investments, including forming the legal entities for their clubs.

“With the funding, we plan to deepen our capabilities and partnerships in important areas as we plan to launch new investing DAO infrastructure and tools for new markets, users, and use cases in the coming months,” said Ian Lee, co-founder of Syndicate, in an email to The Block. 

The team currently has over 30 people, and plans to grow to 40 in the next few months. 

This round brings the startup’s total funding to $28 million since its launch in January 2021. Investors for this round include Andreessen Horowitz (a16z), South Park Commons, Carta Ledger, OpenSea, Circle Ventures, Polygon, United Talent Agency, CoinList, FalconX and others.

A16z also led the company’s Series A last summer. “We have been and continue to work with [a16z] closely across a wide number of initiatives for DAOs and the industry,” said Lee.