Dora Factory Gets $10M in Strategic Funding

Dora Factory has secured $10M in strategic funding to enhance its operations and increase production.

Business

Dora Factory Gets $10M in Strategic Funding

By Jack Simpson

May 23, 2024

115

Dora Factory, a leading provider of decentralized governance infrastructure, has successfully closed another strategic raise amounting to $10 million. This funding round included the participation of several reputable institutional investors including Nomad Capital, No Limit Holdings, Sky9 Capital, Singapore's UOB-Signum Blockchain Fund, Interop Ventures and Cai Wensheng's Longling Capital.

This financial boost will serve to expedite the adoption and strategic growth of Dora Factory’s innovative technologies in decentralized governance and public goods funding.

Founded in 2020 with a focus on creating an efficient platform for decentralized governance and public goods technology development, Dora Factory boasts a repertoire of core products that include their flagship Public Good Staking infrastructure which facilitates block incentive driven ecosystem funding; Dora Vota - a Cosmos SDK appchain hosting dGov protocols; anonymous MACI (Minimal Anti-Collusion Infrastructure) as well as general MACI – privacy-preserving voting infrastructures that resist collusion; along with the multi-chain Quadratic Governance protocol stack which democratizes public goods funding through an on-chain mechanism.

Recently achieving recognition from the Cosmos Hub community who approved governance proposal No.917 resulting in a $1 million grant being awarded to AEZ Quadratic Grant via Dora Factory’s Voting appchain - Dora Vota. The funds are set to be distributed over ten rounds of Quadratic Funding during the next two years benefiting public good builders and start-ups within both related ecosystems and the prosperous ATOM Economic Zone.

Earlier this year saw dao5 lead their first strategic round alongside Whampoa Digital following previous successful investments totaling $17.5 million received last year from Binance Labs, HashKey among others such as The LAO.

Eric Zhang – Architect at Dora Factory expressed his excitement towards these developments stating "Building leading public goods funding and governance infrastructure is crucial for our team at Dora factory to further promote global hacker movement while driving frontier tech innovation. We are humbled to receive such overwhelming support from our ecosystem partners and the Web3 community."

He further added that while decentralized governance has an intriguing tech stack, it is still in its early stages with much development ahead. He also expressed confidence in Dora Factory's past three years of work which he believes have laid a solid foundation for their future.

Over 2,000 start-ups have secured on-chain grants totaling $20 million through Dora Factory’s infrastructure since its inception. Furthermore, over 30 Web3 ecosystems including Aptos, Celestia, Injective, Klaytn and Akash have partnered with Dora Factory adopting their protocol stacks.

Erick Zhang – Partner at Nomad Capital highlighted this stating "The assets under governance for on-chain communities has grown to a hundred-billion dollar scale marking this as the golden era for governance technology".

Gin Chao - Founding Partner at No Limit Holdings also commended Dora Factory's efforts stating "Dora factory’s development of Dora Vota and anonymous privacy voting technology demonstrates their leadership in Web3 governance and public good funding.”

Steve Ngok – Core Contributor at Dora Factory concluded by expressing his excitement towards building new partnerships that will enable them to expand the uses cases of anonymous MACI along with other innovations within multi-chain quadratic funding and Public Good Staking.


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