Dora Factory, the protocol for decentralized governance and multi-chain funding for public goods, has secured a new strategic investment led by dao5, an experimental cryptocurrency investment firm. The funding round also saw participation by Whompoa Digital and seven other prominent investors. The protocol did not reveal how much was raised in the latest round. However, it builds on the $17.5 million raised in 2021 and Dora Factory intends to use the recently raised funds to execute its mission and expand its infrastructure.
Specifically, Dora Factory will channel the new funds toward expanding its flagship Public Good Staking products, providing support for funding essential public goods and groundbreaking research. Furthermore, it will promote Dora Vota, its newly-launched specialized appchain for advanced voting and decentralized governance.
In addition to the latest investment round, Dora Factory is building partnerships and has participated in app-chain quadratic funding rounds for Cosmos ecosystem contributors on Dora Vota.
The project has modelled its business around sustainability by focusing on value creation rather than meme-like hype. The recent funding round is the culmination of 24 months of dedication in building a strong foundation based on fundamentals. This is an intentional approach by Dora Factory to ensure not only sustainable growth but also long-term viability.
Building on sustainability and viability
Dora Factory has proven its strong foundation, which has seen it expand its presence in the public good validator ecosystem to over 30 chains. In addition, it has attracted investor interest, with its total staked value rising past $250 million.
Tekin Salimi, Founder and General Partner of dao5, said “ While many longstanding projects have been undervalued in the recent bear market, dao5 is excited to inject new capital and hands-on support services to revitalize value for the Dora community.”
Dora Factory has taken a different approach to funding for public goods, choosing to depart from the common trend of commercializing public goods and their funding, which often works to the disadvantage of communities. Instead, the protocol has chosen to focus on the intrinsic value of public goods, thus ensuring that the resultant funding mechanisms are sustainable. Furthermore, this preserves the interests of communities.
To ensure sustainability, Dora Factory is creating an ecosystem where funds generated from its public good staking will be used to fund frontier technologies. In addition, the protocol is dedicated to staying ahead of the pack, and will prioritise supporting research and development in critical areas like quantum computing, space exploration and longevity research.