PartyDAO Raises $16.4 Million Led by a16z

Aaron Limbu   Jun 10, 2022 05:25

PartyDAO has raised $16.4 million in funding led by Andreessen Horowitz (a16z), The Block reported. - 2022-06-10T130025.844.jpg

Other participants in the round for the decentralized organization behind the NFT bidding platform PartyBid were Standard Crypto, Compound Crypto, Dragonfly Capital, Uniswap Ventures (after having invested in PartyDAO in April of this year) and Loot creator Dom Hofmann, according to a Thursday statement.

By pooling funds and sharing ownership, multiple people can buy and own fractions of digital assets through PartyBid, PartyDAO’s main application.

According to The Block, PartyDAO’s funding round showcases that interest in NFT fractional ownership remains strong.

PartyDAO developer John Palmer said in a blog post "to date, PartyDAO has been funded entirely by our own members and on-chain revenue. This helped us focus but limited us from going all out. Our new funding means that PartyDAO can now pursue our goals with the firepower they deserve."

a16Z also helped crypto-asset firm Entropy raise a $25 million seed round, The Block reported.

According to a press release, Dragonfly Capital, Ethereal Ventures, Variant, Coinbase Ventures, Robot Ventures, Inflection and the Komerabi Fund also joined the round.

The funds raised will be used to build the company's leading embedded payment, card, lending and crypto solutions. Furthermore, the fund would be invested in people and communities, continue its international expansion plans and strengthen strategic global partnerships.

Currently, Entropy is building a decentralized custody platform that uses cryptographic techniques based on multiparty computation. 

Image source: Shutterstock

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