CreatorDAO, a popular decentralized autonomous venture, has announced the completion of its latest funding round. Reportedly, the firm received about $20 million. The funding round was led by a16z Crypto and Initialized Capital.
Other participants in the funding round include Paris Hilton, The Chainsmokers, Michael Ortiz, and Liam Payne, Liquid2 Ventures, M13, Audacious Ventures, 6th Man Ventures, Abstract Ventures, SV Angel, Hack VC, Fika Ventures, Fuel Capital, Goldhouse, Soma Capital, Alliance DAO, Shima Capital, Olive Capital, Kygo’s Palm Tree Crew, MGU Capital, Position Ventures, Alchemy Ventures, among others.
Notably, CreatorDAO intends to allow participants in the round to become creators on its platform. It reveals that the community will enlist all potential creators who enroll with CreatorDAO. Also, the DAO will make provision for the capital, mentorship, and technology necessary to create better content and increase their audience.
Furthermore, CreatorDAO believes investment in creators appears promising as they become businesses. However, CreatorDAO noted that no one has since figured out a better way to help them comprehend their growth potential. According to the platform, this situation influenced its determination to focus on current and potential creators. The remarkable turnout from participants in the funding round reveals that other firms now align with the idea of investing in creators.
According to the co-founder and CEO of CreatorDAO, Micheal Ma, the firm invested about $300 billion in technology startups in 2021. Micheal also revealed that less than $100 million was invested in creators.
Micheal further compared the DAO investment strategy to an investment vacuum. He said it is synonymous with the scheme Y combinator and angel investors organized for tech entrepreneurs years back.
Reacting to the development, Paris Hilton, an early investor and member of the DAO, stated he will use his program with 11:11 Media to promote other artists. According to Hilton, it is a much more prominent means of giving robust publicity to them.
According to founder and managing partner at Initialized Capital, Garry Tan, CreatorDAO is utilizing the capacity of the creative community distinctively. Garry stated that the firm inspires investors to invest in each other and strengthen the power of their craft.
General partner at a16z crypto, Sriram Krishnan, expressed his excitement about his team investing in CreatorDAO. According to Krishnan, “the creator class now set culture.” He noted that it is intriguing to observe the role of web3 in ensuring that the subsequent generation of creators is well mentored and compensated.
The Creator economy is continuously thriving. It is recognized as one of the fastest-growing enterprises, with over 50 million individuals recorded as creators.
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Source: https://insidebitcoins.com/news/creatordao-raises-20-million-in-funding-round