Leading decentralized governance infrastructure, Dora Factory, has announced the completion of a $10 million strategic fundraising round. Nomad Capital, No Limit Holdings, Sky9 Capital, Singapore’s UOB-Signum Blockchain Fund, Interop Ventures, Cai Wensheng’s Longling Capital and nine other major institutional investors participated in the round.
The fundraising round will accelerate the adoption and strategic expansion of Dora Factory’s decentralized governance and public goods financing technology stack.
Leading infrastructure company Dora Factory specializes in public goods technology and decentralized governance. One of its core offerings is its flagship Public Good Staking infrastructure, which facilitates block incentive-driven ecosystem funding; another is Dora Vota, a Cosmos SDK appchain that hosts dGov protocols; another is the multi-chain Quadratic Governance protocol stack, an on-chain mechanism that democratizes the financing of public goods and preserves privacy through an anonymous and general MACI voting infrastructure.
Governance proposal no. 917 and a $1 million grant to AEZ Quadratic Grant, which will manage 10 rounds of quadratic funding over the next 24 months using Dora Factory’s voting chain, Dora Vota, were accepted by the Cosmos Hub community last week. All funding will be allocated to startups and public goods builders in the Cosmos Hub and associated ecosystems to create a thriving ATOM economic zone.
Earlier this year, Dora Factory announced the completion of its first strategic round, led by Whampoa Digital, co-founded by Amy Lee, former senior partner at Lee & Lee, a Singapore law firm founded by Lee Kim Yew and Singapore’s first prime minister, Lee Kuan Yew, and his wife, and dao5, a new venture capital firm founded by Tekin Salimi, a former general partner at Polychain. Previously, investors Binance Labs, HashKey, and The LAO-backed Dora Factory raised a total of $17.5 million in 2021.
Eric Zhang, architect of the Dora Factory said:
“Building leading public goods governance and financing infrastructures is a critical step for the Dora team to advance the global hacker movement and drive frontier technology innovation. We are honored to receive so much support from our ecosystem partners and the Web3 community. Indeed, decentralized governance has a deep and interesting technology stack, and we are still in a very early stage. There are many interesting developments ahead. The work done by Dora Factory over the last three years has laid a solid foundation for them.”
Dora Factory has been committed to the research and development of decentralized governance apps and infrastructure since its founding in 2020. Using Dora Factory’s infrastructure, more than 2,000 startups have secured $20 million in on-chain grants.
As a major ecosystem partner, Dora Factory has collaborated closely with over 30 Web3 ecosystems, including Aptos, Celestia, Injective, Klaytn, and Akash. These ecosystems have also embraced the Dora Factory protocol stacks. They have provided public good builders and early-stage development teams with sustainable, long-term, block-native financial assistance via Public Good Staking, an innovative approach launched by the Dora Factory team in 2022.
Erick Zhang, partner at Nomad Capital, said:
“Assets managed by on-chain communities have grown to a hundred billion dollar scale. This is the golden era for governance technology. Dora Factory has become the industry’s foundational public goods infrastructure after four years of dedicated development and iteration. We are excited to support the Dora team in their mission to empower developers, drive innovation in the Web3 space, and expand adoption of new technologies, including aMACI, through this investment.”
Gin Chao, founding partner of No Limit Holdings, said:
“Dora Factory’s development of Dora Vota and anonymous privacy voting technology demonstrates their leadership in Web3 governance and public good financing. This is a crucial element of blockchain’s value proposition and we recognize its impact with millions of votes cast and over 2000 projects receiving QF funding. Our investment is a first step to continue supporting their commitment.”
Steve Ngok, lead contributor to Dora Factory, commented:
“With the support of new investors, we are excited to further grow the Dora Factory ecosystem. Our plans include innovations in multi-chain quadratic funding and public good staking, encouraging developers to expand anonymous MACI use cases, and building new governance apps on Dora Vota. Our goal is to provide a suite of products that deliver an exceptional experience to on-chain communities and teams working on frontier technologies.”
