[Funding alert] DAOLens closes $5M in a Pre-Seed round to simplify decentralised work

Bengaluru-based Web3 startup DAOLens on Wednesday announced that it has raised $5 million in a Pre-Seed funding round led by Web3 investors Nexus Venture Partners, Better Ventures, and iSeed II.

The round also saw participation from Web3 investors, including Gokul Rajaram (Board of Director, Coinbase), Sandeep Nailwal (Co-founder of Polygon), Raj Gokal (Co-founder of Solana), Simon Doherty (VP of Animoca Brands), and Arjun Sethi (Co-founder of Tribe Capital).

Other marquee investors, including Balaji Srinivasan, Kunal Bahl and Rohit Bansal (Co-founders of Snapdeal), Kunal Shah (CEO of CRED), Manish Agarwal (CEO of Nazara Technologies), as well as Vishal Gupta and Narendra Rathi (investment advisors at Softbank), also participated in the round.

Vikram Aditya, CEO and Co-founder of DAOLens, said in a statement, "This successful pre-seed funding round is a testimony to the strength of our project and the belief in the roadmap as well as the team. Simplifying the way DAOs connect with their community addresses a serious challenge that the Web3 world faces. No one can predict the future with certainty but given how DAOs are maturing, it is a challenge that is in desperate need of a head-on tackle and we are here to do that.”

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In the next few days, the firm is planning to launch non-transferable non-fungible tokens (NFTs) to selected investors as a token of its gratitude.

In January 2022, Apoorv Nandan and Vikram Aditya co-founded DAOLens to help decentralised autonomous organisations (DAOs) effectively onboard and manage contributors. Currently, the startup is building a host of infrastructure-based DAO tooling to minimise the contributor churn and help new users onboard a DAO.

When asked about competition in the DAO tooling space, Apoorv Nandan, Co-founder and CEO of DAOLens, explained to The Decrypting Story,

"It’s great that there are others moving in a similar direction and I hope to see many more players enter the field in the future. It's critical for ensuring that DAOs evolve. The space is big enough to need multiple DAO tools working in collaboration to support a variety of unique communities and their needs. Defining the future of work through DAOs is a process more about collaboration than competition."

(This story was updated to correct the headline and the first line)