CreatorDAO, a decentralized autonomous organization that provides capital and operational support to "creators," raised $20 million in a seed funding round that was led by Andreessen Horowitz and Initialized Capital, according to a press release.
- "CreatorDAO invests in creators in exchange for a percentage of their future earnings," the release said. "The DAO structure allows investment decisions to be crowdsourced, and contributions to the DAO such as mentorship and collaboration to be rewarded."
- Entertainers such as Paris Hilton and musicians The Chainsmokers participated in the funding round, and have agreed to share their time and expertise with the CreatorDAO community.
- "The creator class now sets 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," Sriram Krishnan, a general partner at Andreessen Horowitz, which is also known as a16z, said in the press release. "I'm excited to be a part of CreatorDAO both as an investor and a mentor, and I can't wait to see what the future holds."
Read more: What Is a DAO?
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.