Andreessen Horowitz Leads $20 Million Investment Round for DeFi Project Syndicate

The DeFi project Syndicate raised $20 million in a Series A round, led by Silicon Valley’s leading venture firm Andreessen Horowitz (a16z).

We’re excited to announce the next major step in bringing our revolutionary protocol for investing to communities around the world.

To realize our important yet complex mission, we’ve raised $20m from 150+ investors, founders, operators, and creators.https://t.co/i9fejd394z

— Syndicate Protocol ✺ (@SyndicateDAO) August 31, 2021

The round included more than 150 investors, including Coinbase Ventures, Table Management by Bill Ackman, Alexis Ohanian, Ashton Kutcher, and Snoop Dogg Ventures.

The team will deploy the funds to accelerate development of technologies built around decentralized autonomous organizations, integrate with Web3 projects and fintech startups, and support various communities.

“Over the next decade, investing will be decentralized, democratic, and governed by the community. Syndicate is building the infrastructure to scale this,” the statement said.

According to the press release, founded in 2021, Syndicate aims to unite a decentralized protocol with a social network to “change how the world creates and distributes value.”

Earlier a16z revealed the principles of delegation of governance for DeFi protocols. The firm argues that giving voting rights to stakeholders can increase decentralization.

As reported the DeFi protocol Parallel Finance on Polkadot attracted $22 million in investments at a $150 million valuation.

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