Common, a NYC-based community management platform for DAOs, raised a $20M funding round.
Backers included Spark Capital, Polychain, and a group of strategic investors.
The company intends to use the funds to expand end-to-end functionality and decentralize the platform.
Led by Dillon Chen, Founder and CEO, Common is an all-in-one platform for on-chain communities to discuss, vote, and fund projects together. Users can create a DAO and deploy governance contracts without coding. From there they can utilize crypto-native forums and chat to discuss new ideas. It also enables full on-chain and off-chain governance; supporting a full Snapshot integration. Finally, Common will be rolling out an app store enabling full composability of DAO tools.
On the back of this announcement, the company has additionally announced its crowdfunding functionality and token. After a couple years of building its platform and growing the community to 60K users participating in 500 active communities, including projects such as, dYdX, Axie Infinity, NEAR, Celo, Harmony, Polygon, Redacted Cartel, Osmosis, Injective, Notional Finance, Element Finance, Euler Finance, Spiritswap, Juno, and Phantom DAO, it will now slowly pass control of the platform over to the community. Over the course of the coming months, Common will begin its decentralization plan.
The company will launch the $CMN token as the governance token for DAO and the platform. Common DAO will govern the platform’s key parameters, fund development, and moderate the platform.
FinSMEs
25/05/2022