The startup previously referred to as Melonport is homing in on decentralized autonomous organizations (DAOs) for its newest act.
Avantgarde Finance has raised $5.5 million in a Collection A funding spherical led by Blockchange Ventures. Investments additionally got here from Placeholder VC, Bounce Capital, Acrew Ventures and others.
“The funding goes immediately in the direction of rising the workforce measurement,” Avantgarde CEO Mona El Isa advised CoinDesk, with the purpose to increase the corporate’s consumer base of asset managers, treasury managers, dapp builders and DAOs.
The platform is constructed on Enzyme, an Ethereum-based liquidity aggregation protocol from the identical workforce, and represents the most recent “picks-and-shovels” play for the surging world of DAOs. Consider DAOs as group chats with a shared “checking account” for Web3 investments.
“We consider a completely new class of buyers is rising, together with DAOs, one-person funds and coordinated investing by the plenty,” mentioned Ken Seiff, managing companion of Blockchange Ventures. “A lot of this may probably happen on the blockchain and with digital belongings.”
Learn extra: DAOs Could Be the Way forward for Work, however Don’t Guess on Them Being the Subsequent Large Asset Class
El Isa, who served as a vice chairman at Goldman Sachs for over seven years, began her entrepreneurial profession with Melonport, an Ethereum-based hedge fund platform based in 2016.
Melonport was a key steward of the Melon Protocol, which rebranded to Enzyme in late 2020.
Enzyme ranks forty second by way of complete worth locked (TVL), in response to DeFi Pulse, with a comparatively meager $122 million in belongings dedicated to the platform.