Orange DAO compiled 1,000 Y Combinator alumni in the vision of supporting web3 startups. They raised $80m in that vision. There are two strategic investors: Algorand and Near. Ben Huh, the general partner said, “They wanted to support our mission of bringing more entrepreneurs into web3. For them, working with us and getting exposure in front of our entrepreneurs is really important, because if one of our members builds a billion-dollar DeFi protocol, the investment that they made in us is trivial compared to the amount of upside that they get from it,” Huh said.
About the rest? Huh says, that came from DAO members who became limited partners in the fund itself as well as some institutional investors.
Now, let’s go to the reason of why I am writing an article about a DAO. Maybe you did not notice that they have 1,000 members. Normally, SEC (U.S. Securities and Exchange Commission) allows only 100 members in DAO. But they are in Cayman Island 😀 According to TechCruch, Huh says that fund runs as a seperate entity by Huh and a few general partners. With that way, fund does not have fulled the capacity of SEC.
They has been started at january with 1000 members. But know they have 1300. Backed up 90 startups and keep funding others. Orange DAO does not have to stay complient with SEC rules. But despite that, the way that they keep +1,000 members connected is actually interesting and inspiring thing. That shows me that we can see so many other DAO works in different ways, find a new way to backup startups.
I sould say that Orange DAO has really cool website. I saw a couple of websites like they have, but not like this. You can check the website by clicking there.
Project owners or entrapreneurs can create a profile and show their profile to the whole of investors. They also have get funding section in their websites to consider new web3 startups.
Orange DAO has a gem. Which named ‘Orange Gem’. Not so astonishing right :d they give that to the DAO members and it allows them to reach Orange DAO community.
Summary
They are saying that we are your first believer. They believe the web3 is the point in the history where everything changes. They can be a new model and example for the DAO’s. Of course if 1,000 Y Combinator alumni gets together, this his pretty much what happens :d Let’s say for now, I want to see the future of Orange DAO. I say; we need that stuff.
References
https://orangedao.xyz
Y Combinator alumni raise $80 million for DAO to back crypto startups
