Dora Factory Secures $10 Million in Strategic Funding to Enhance Decentralized Governance and Public Goods Funding

FinanceFeeds Editorial Team

Dora Factory secures $10 million to boost decentralized governance and public goods funding with strategic investments from top institutional investors.

Dora Factory

Dora Factory, a prominent player in decentralized governance infrastructure, has successfully closed a $10 million strategic funding round. This round attracted significant participation from notable firms, including Nomad Capital, No Limit Holdings, Sky9 Capital, Singapore’s UOB-Signum Blockchain Fund, Interop Ventures, Longling Capital led by Cai Wensheng, and nine other esteemed institutional investors. This strategic investment is poised to propel the adoption and expansion of Dora Factory’s innovative technologies focused on decentralized governance and public goods funding.

Dora Factory is dedicated to creating and advancing decentralized governance and public goods technology. Among its core offerings are the Public Good Staking infrastructure, which facilitates ecosystem funding driven by block incentives; Dora Vota, a specialized Cosmos SDK appchain that hosts decentralized governance protocols; privacy-preserving zk voting infrastructure such as anonymous MACI and general MACI; and the multi-chain Quadratic Governance protocol stack, which democratizes public goods funding through an on-chain mechanism.

A recent milestone for Dora Factory includes the Cosmos Hub community’s approval of governance proposal No. 917. This proposal includes a $1 million grant to AEZ Quadratic Grant, which will facilitate ten rounds of Quadratic Funding over the next 24 months via Dora Factory’s Voting appchain, Dora Vota. The funding is earmarked for public good builders and start-ups within the Cosmos Hub and related ecosystems, aiming to foster a thriving ATOM Economic Zone.

Earlier this year, Dora Factory announced its first strategic funding round led by dao5, a new venture capital firm established by Tekin Salimi, former General Partner at Polychain, and Whampoa Digital, co-founded by Amy Lee, a former senior partner at Lee & Lee, a law firm founded by Lee Kim Yew and Singapore’s first Prime Minister Lee Kuan Yew and his wife. In 2021, Dora Factory raised a total of $17.5 million, with significant investments from Binance Labs, HashKey, and The LAO.

“Building leading public goods funding and governance infrastructure is a critical step for the Dora team to advance the global hacker movement and drive frontier tech innovation,” said Eric Zhang, Architect of Dora Factory. “We are humbled to receive much support from our ecosystem partners and the Web3 community. In fact, decentralized governance has a deep and interesting tech stack, and we are still at a very early stage. There are a lot of exciting developments ahead. The work from Dora Factory during the past three years has laid a solid foundation for them.”

Since its founding in 2020, Dora Factory has been committed to the research and development of decentralized governance infrastructure and applications. The company’s infrastructure has enabled over 2,000 startups to secure $20 million in grants on-chain. This substantial impact underscores Dora Factory’s role in advancing decentralized technologies and supporting emerging projects in the Web3 space.

Dora Factory has forged partnerships with more than 30 Web3 ecosystems, including Aptos, Celestia, Injective, Klaytn, and Akash. These ecosystems have adopted Dora Factory’s protocol stacks, recognizing the value and innovation they bring to decentralized governance and funding. One of Dora Factory’s standout initiatives is Public Good Staking, launched in 2022. This initiative provides long-term, block-native, sustainable funding support to public goods builders and early-stage developer teams, enhancing the growth and development of decentralized ecosystems.

“The assets under governance for on-chain communities has grown to a hundred-billion dollar scale. Now is the golden era for governance technology,” said Erick Zhang,  Partner of Nomad Capital. “Dora Factory has become the industry’s cornerstone public goods infrastructure after four years of dedicated development and iteration. We are thrilled to support the Dora team in their mission to empower developers, foster innovation in the Web3 space, and expand the adoption of new technologies, including aMACI, through this investment.”

“Dora Factory’s development of Dora Vota and anonymous privacy voting technology demonstrates their leadership in Web3 governance and public good funding. This is a crucial piece of blockchain’s value proposition, and we recognize their impact with millions of votes cast and over 2000 projects receiving funding via QF. Our investment is a first step in continuing to support their effort.” said Gin Chao, Founding Partner of No Limit Holdings. 

“With support from new investors, we are excited to grow the Dora Factory ecosystem further. Our plans include innovations in multi-chain quadratic funding and Public Good Staking, encouraging developers to expand the use cases of anonymous MACI, and building new governance apps on Dora Vota. Our goal is to deliver a suite of products that provide an exceptional experience for on-chain communities and teams working on frontier technologies,” commented Steve Ngok, core contributor to Dora Factory.

Dora Factory’s commitment to building robust protocols and infrastructure is evident in its comprehensive suite of offerings designed to enable decentralized governance and efficient funding. The company supports the global hacker movement, open-source communities, and Web3 public goods. Its flagship product, Public Good Staking, is one of the fastest-growing multi-chain staking infrastructures, providing block-native incentives that fuel the growth of the next generation of blockchains. Dora Vota, another key product, is a special-purpose blockchain for decentralized governance, supporting both general and anonymous MACI interfaces and quadratic governance rounds.

Looking ahead, Dora Factory aims to continue driving innovation in decentralized governance and public goods funding. The strategic investments and partnerships it has secured position the company well to expand its impact and support the broader Web3 ecosystem. As decentralized technologies continue to evolve, Dora Factory’s infrastructure and solutions will play a crucial role in shaping the future of governance and funding in the digital age.

By leveraging its advanced technology stack and strategic partnerships, Dora Factory is poised to make significant strides in the decentralized governance space. The company’s focus on privacy-preserving and collusion-resistant voting mechanisms, democratized funding protocols, and sustainable ecosystem support underscores its commitment to fostering a more decentralized and equitable digital future.

Dora Factory’s latest $10 million strategic funding round, supported by leading institutional investors, marks a significant milestone in its journey. The company’s innovative approach to decentralized governance and public goods funding continues to attract attention and investment from across the blockchain and Web3 ecosystem. With its robust infrastructure and growing partnerships, Dora Factory is set to play a pivotal role in the ongoing evolution of decentralized technologies.

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