The funding round saw participation from several venture capitalist firms including FTX Ventures, Sino Global Capital, A&T Capital
The startup will use the funds to expand its team, accelerate development, and bring its platform to market
Samudai plans to launch a private alpha version of its platform to a small group of users around mid-July
Web3 startup Samudai has raised $2.5 Mn in a pre-seed funding round which saw participation from several venture capital firms including FTX Ventures, Sino Global Capital, A&T Capital, Coinbase Ventures, Lunar Ventures, among others.
Besides, angel investors such as Balaji Srinivasan, former CTO of Coinbase; serial investor Charles Songhurst; Sandeep Nailwal, cofounder of Polygon, among others, also joined the round.
The startup will use the funds to expand its team, accelerate development, and bring its platform to market.
Samudai, founded by Kushagra Agarwal and Navin earlier this year, is a decentralised autonomous organisation (DAO) platform to help manage and build communities in the Web3 ecosystem.
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DAO is usually defined as an organisation which has no central leadership and is represented by rules encoded as a transparent computer program.
With its upcoming platform, the Singapore-based startup wants to enable customisation, facilitate large-scale coordination and executions among DAOs. It is planning a full productivity suite for DAOs, including a Web3 native project management framework, team graphs, and an analytics dashboard.
“We believe work culture can make DAOs great and defensible, but admins and members are presently spending too much time on operational issues,” Navin said.
“To remedy this, we have designed a platform that gives DAO teams and contributors a better view of how contributors are interacting and, most importantly, will improve productivity by gathering all the operations in one place and simplifying the process,” he added.
Samudai plans to launch a private alpha version of its platform to a small group of users around mid-July, with a public beta phase later in 2022.