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Crypto-focused investment firm Dragonfly Capital led a $3.5 million seed round for crypto credit protocol Debt DAO, according to a press released shared with The Block.
Debt DAO provides revenue-based financing for "cryptonative entities," which includes DAOs and protocols. It does this through a smart contract called "Spigot," which the company says "can secure borrower's on-chain cash flows to automatically repay lenders."
GSR, Numeus, and Fasanara Capital also participated in the round. Six angel investors also backed the project in the new financing round, including former Coinbase CTO Balaji Srinivasan, TrueFi's Ryan Rodenbaugh and Chainlink Labs' David Post.
"Right now, debt is one of the big missing pieces from the DeFi universes, and Debt DAO is one of the strongest teams in this space tackling that problem” Dragonfly Capital general partner Haseeb Qureshi said in a statement. "As on-chain organizations and cash flows proliferate, revenue-generating DAOs will no longer need to sell off their native tokens for working capital. Debt DAO will pull the entire DAO financing ecosystem forward.”
Dragonfly Capital closed its third venture fund in May, coming in at an oversubscribed $650 million. In an announcement, it listed DeFi, DAOs NFTs and scaling smart contracts among its main focus areas.
Source: theblock.co
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