Orange DAO, formed by former YC students, has raised $80m in funding to support crypto startups

Orange DAO, a venture capital DAO organization, announced that it has raised $80 million in funding, mainly from its strategic investors Algorand and NEAR, according to TechCrunch. Some of the money came from DAO members who serve as limited partners in the fund, as well as some institutional investors. Since January, the group has grown from 1,000 to 1,300 members and has backed 90 startups, including Web3 private equity platform Liquifi, decentralised credit platform Goldfinch and crypto payments tool Spritz. Mr. Huh said the fund is run by himself and some general partners as a separate legal entity, while Orange DAO operates as a limited liability company to avoid the Securities and Exchange Commission's limit of 100 investors for venture capital groups to ensure compliance. Daos serve as "conduits for entrepreneurs to apply for funds". As previously reported by BlockBeats, former Y Combinator (YC) students announced in September 2021 that they had formed Orange DAO, a crypto investment group focused on investing in Web3 startups and helping startups apply for Y Combinator funding, And provide funds (pre-YC and post-YC funding) before and after the YC financing round, and guide its internal management, staff recruitment and customer acquisition, etc. The Orange DAO is led by Ben Huh, and the only criteria for new hires is a former founder of the Y Combinator Accelerator.