Israeli venture firm Pitango has launched a decentralized autonomous organization (DAO) to invest in Web3-projects.
#PitangoFirst is excited to announce the launch of First Labs, a Web 3.0 Venture Lab aiming to bridge the gap between Web 2.0 and Web 3.0, founded by @ayali and Aviv Barzilay.
Join the waitlist: https://t.co/ZDL77MekEt
Full details: https://t.co/d0ZJCPS0MM.#crypto #DAO #Web3
— Pitango VC, Israel (@Pitango) June 7, 2022
Representatives of the firm noted that this is the first investment DAO in Israel. According to them, the Pitango First fund launched the First Labs unit, which then created First DAO.
“Breaking the traditional venture capital model, we will release a token,” said Aviv Barzilay in an interview with The Block.
He did not specify the timing of the asset release or tokenomics details, but stressed that the volume of assets under management by Pitango stands at around $3 billion.
Barzilay added that the organisation intends to involve local startups in Web 3.0, especially those specialising in infrastructure solutions and cybersecurity. The DAO itself will focus on DeFi, NFTs, gaming and the metaverses.
According to him, First DAO will gradually hand over governance to the community.
Earlier, Bessemer Venture Partners launched a DAO to engage with the community, including Web3 developers and entrepreneurs.
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