DeFi Protocol Syndicate Raises $20M from a16z
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Aug. 31, 2021

Decentralized finance (DeFi) investing protocol and social network Syndicate has raised $20 million in a Series A funding round led by Andreessen Horowitz (a16z). According to an official announcement, the round also included Electric Capital, Ashton Kutcher and Guy Oseary's Sound Ventures, Coinbase Ventures, Aave, Snoop Dogg and others.

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The team plans to use the proceeds to accelerate the development of its decentralized autonomous organization (DAO) powered technologies and integration with Web3 projects.

"Within the next decade, investing will be decentralized, democratized, and community-driven," the team said in the announcement.

a16z Aims $2B Funding Round for Its Crypto Fund: Report

This is the second time the project attracts investing this year. Earlier in March, Syndicate raised $1 million in a seed round led by IDEO CoLab Ventures. Back then, the team used the funds to hire more engineers.

As iHodl earlier reported, Nansen, an Ethereum-focused analytics platform, also raised $12 million in a Series A round led by a16z. Nansen said it plans to use the raised capital to enhance user experience, increase support for additional blockchains and layer 2 solutions, including Polygon, Optimism, Arbitrum, and moreTalent, through hiring and acquisitions.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

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