CreatorDAO Community Raises $20M in Seed Fund
CreatorDAO, a decentralized autonomous organization, announced that it raised $20 million in a seed round led by Andreessen Horowitz and Initialized Capital.
According to CreatorDAO, other investors include Liquid 2 Ventures, M13, Audacious Ventures, 6th Man Ventures, Abstract Ventures, SV Angel, Hack VC, Fika Ventures, Fuel Capital, Goldhouse, Soma Capital, Alliance DAO, Shima Capital, Olive Capital, Kygo's Palm Tree Crew, MGU Capital, Position Ventures, Alchemy Venture.
Paris Hilton and DJ musician The Chainsmokers also participated.
CreatorDAO is changing the way content creators operate, it invests in creators so they can share capital, technology, and community.
The community invests in creators in exchange for a percentage of their future income, and the DAO structure allows crowdsourcing investment decisions and rewards contributions to the DAO, such as mentoring and collaboration.
Garry Tan, Founder and Managing Partner of Initialized Capital, said:
"CreatorDAO is leveraging the power of the creative community in a unique way, inspiring creators to invest in each other and leveraging the power of their craft. Having the ability to share in their peers ' success incentivizes creators to collaborate and support each other, creating network effects and contributing to the overall community's body of work."
Top creators such as Paris Hilton, The Chainsmokers, Shawn Johnson, Andrew East, Joma Tech, and Swaggy Wolfdog have signed up to share their time, expertise, and/or earnings with the CreatorDAO community.
The CEO and co-founder of CreatorDAO, Michael Ma, said: "Over $300B of venture capital dollars was invested in technology startups in 2021, and less than $100M of investment dollars was invested in creators. Creators today are businesses, but no one's figured out how to help them realize their growth potential."
Today, the creator economy is one of the fastest-growing industries, with officials predicting that 50 million people will be identified as creators by 2022.
Sriram Krishnan, the general partner at Andreessen Horowitz, said he couldn't wait to see what the future holds.
He added that: "The creator class now sets the culture. It's thrilling to see web3 playing a bigger role in ensuring that the next generation of creators are both compensated and mentored so the community can flourish."
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