CreatorDAO, a decentralized autonomous organization (DAO) that focuses on the web3 creator ecosystem, has raised $20 million in its seed round.
According to a press release, the seed funding round was co-chaired by private American venture firm a16z and Initialize Capital.
Several strategic partners and angel Investors consisting of a slew of entertainers and social media figures also joined in the financing round. Some of which include The Chainsmokers, Paris Hilton, Audacious Ventures, Abstract Ventures, SV Angel, Fika Ventures, Liam Payne, and Micheal Ovtiz.
Top artists like the Chainsmokers and Paris Hilton agreed to share their time and wealth of experience with the CreatorDAO community.
Summarily the funds will be deployed to developing CreatorDAO’s infrastructure and investing in creators in the ecosystem.
Interestingly, the funds weren’t raised through the usual method of deploying an initial coin offering – token sales designed to raise funds for web3 projects.
A unique community for talented creators
CreatorDAO operational model entails providing comprehensive support that ranges from technology, finance, and mentoring for talented creators.
Micheal Ma, co-founder of CreatorDAO believes that the creators are businesses and should be treated as such. According to the co-founder, the tech space enjoyed funding in excess of $300 billion in 2021 of that amount; only a miserly portion was focused on creators.
With the CreatorDAO, its founders are looking to change this narrative. Interested creators do not need to acquire a governance token to be a part of the community. They are just required to apply and sign-up on the firm’s dedicated website to become a member of CreatorDAO’s community.
Selected creators will receive the CreatorDAO support package which includes technological tools, and finances. They will also get mentorship from other experienced creators who are also members of the community.
These selected creators, repay a percentage of their future earnings to the community’s purse in exchange for the support. The platform plans to groom the next generation of creators through community support. It also has a reward mechanism in place where contributors and creations are rewarded to Foster a better ecosystem.
Modeling related programs and initiatives dedicated to creators across the board, the mentorship approach taken by CreatorDAO will significantly develop the ecosystem and help creators scale their development rapidly through community support.