Utopia Raises $23M Series A Funding Round
Utopia has announce that they have closed a $23 million Series A funding round led by Paradigm with continued support from their earliest seed investor, Kindred Ventures, as well as participation from Circle Ventures, Gusto, Coinbase Ventures, Infinity Ventures Crypto, Distributed Global, and Fourth Revolution Capital.
As the name suggests, Utopia Labs embodies the pursuit of the ideal. They’re leveraging technology to achieve better collaboration in the Web3 economy, where DAOs hold the potential to break down geographic and digital barriers and usher in a new era of decentralized coordination.
Since they launched Utopia last year, they’ve partnered and built alongside leading crypto-native organizations including OlympusDAO, Lido, Friends with Benefits, Yield Guild Games, Badger DAO, Illuvium DAO, Fingerprints DAO, SushiSwap, Tracer DAO, Pleasr DAO, and more. They’re proud to have helped scale more than one hundred DAOs while facilitating millions in contributor payments and operational expenditure.
They’re thrilled to also have support from DAOs like WOO DAO, Chain Forest, Yield Guild Gaming, Global Coin Research, IndiGG, Paragons DAO as well as founders, core contributors and operators from 1Inch, UMA Protocol, Zora, Opyn, Mirror, City DAO, Badger DAO, Llama, Goldfinch, VitaDAO, FIAT DAO, Mirror, Redacted Cartel, New Order, Nouns DAO, Party DAO, Friends with Benefits DAO, Krause House, Index Coop, Cabin DAO, SushiSwap, and Synthetix, involved in their Series A round.
From their first meeting with the Paradigm team, it was obvious they share the conviction that the future of crypto-enabled coordination requires thoughtful back-of-house infrastructure in order to advance, mature, and power a Web3 world. They’re excited to welcome them and all their other new partners into their Utopia.
This new funding helps them pursue two main goals:
- Develop and grow their team of the builders and creators who are innovating for DAOs in impactful ways
- Create new features, primitives, and initiatives that push the space forward and unlock the full potential of DAOs, including
- Bookkeeping and Accounting
- Financial Analytics
- People Management
- Treasury and Token Management
- Fiat On & Off Ramps
- Sub DAO’s
- Token Vesting
- Developer APIs
- AND SO MUCH MORE
About Utopia
Utopia is a collaborative payroll and expense management for DAOs.
About Paradigm
Paradigm backs disruptive crypto/Web3 companies and protocols with as little as $1M and as much as $100M+.
SOURCE:
https://mirror.xyz/utopialabs.eth/H1-KPA2HxHzow0WQt35afJl-uQtTv2alTzFqRpRXeNU
