[Funding alert] Questbook raises $8.3M in Series A to build 'future of work in Web3'

Web3 grants platform QuestBook raised $8.3 million in its Series A funding led by Lemniscap to build "the future of work in Web3" tweeted Co-founder and CEO Madhavan Malolan.

Investors, including Coinbase Ventures, Alameda Research, Dragonfly, Hashed, Polygon, Balaji Srinivasan, Raj Gokal of Solana, Arjun Sethi of Tribe Capital, and Maneesh Sharma of GitHub also participated in the round.

Commenting on the funding, Madhavan told The Decrypting Story:

"During the bear market, builders come together and real innovation happens. Uniswap, OpenSea, Aave, and other projects were all built in bear cycles. So, we will see builders working on real innovation, minus the noise, and they are the ones protocols want to attract through grant programmes."

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How blockchain startup Questbook is helping developers pursue Web3 projects

In 2021, Questbook started out as a learning/edtech platform by Abhilash Inumella, Subhash Karri, Sriharsha Karamchati, and Madhavan Malolan. Later in 2022, the co-founders decided to build an on-chain grant orchestration tool to empower developers.

The startup is bridging the gap between a grant ecosystem and applicants. It has partnered with blockchain networks, including Polygon, Solana, Harmony, NEAR, and AAve to help developers secure grant money.

In the future, Questbook intends to make grant applicants' credentials accessible on-chain and the firm is planning to enable the discovery of crypto earning opportunities.

The startup is now a community of 20,000 developers with a team size of 20. The firm intends to focus on various other aspects of the firm including design, product management, and marketing.