Coinbase, SoftBank execs back Indian DAO services firm’s $5m raise

DAOLens, an India-based decentralized autonomous organization (DAO) onboarding service, has raised US$5 million in a pre-seed round led by Web3 investors Nexus Venture Partners, Better Ventures, and iSeed II. 

The DAOlens team / Photo credit: DAOlens

Founded earlier this year by Vikram Aditya and Apoorv Nandan, DAOLens aims to help DAOs onboard and manage contributors effectively, a process the founders found too complex for beginners.

The B2B Web3 firm currently has three products: a discovery portal, a contributor onboarding solution, and community management tools.

Vikram said that solutions like his company’s make it easier for DAOs to maintain operational efficiency as they scale. He noted that there are currently nearly 5,000 DAOs operating worldwide, which are handling a total of over US$9 billion in assets under management.

DAOLens will use the funds for product development and talent acquisition, as well as to facilitate the subsequent launch of its stack of tools. A portion will also be used to scale business operations in line with the startup’s expansion.

As part of the investment round, the company will also be issuing non-transferable NFTs to a few of its investors.

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The round also saw participation from angel investors, which include:

• Coinbase board member Gokul Rajaram
• Polygon co-founder Sandeep Nailwal
• Solana co-founder Raj Gokal
• Animoca Brands vice president Simon Doherty
• Tribe Capital co-founder Arjun Sethi
• Former Coinbase CTO Balaji Srinivasan
• Snapdeal co-founders Kunal Bahl and Rohit Bansal
• Cred founder Kunal Shah
• Nazara Technologies CEO Manish Agarwal
• SoftBank Investment Advisers investment director Narendra Rathi
• TA Associates director Vishal Gupta