Parcel announced last Friday, September 3, through its Twitter account, that it has raised funds of $2.5 million to create a protocol for the treasury management of DAOs.
“We are delighted to share that we have raised a $2.5 million seed round led by Dragonfly Capital with strategic investments from Scalar Capital, A Capital, Compound, Consensys, 6th Man Ventures, Cooper Turley, Leighton Cusack and Ryan Sean Adams, among many others. It is such a special moment for us in our mission to build a fluid treasury management network for DAO”, he said through an article published on the Medium platform.
How we got here
The company reported that it all started with pain points that they saw DAOs tackle daily, across the board. Where others saw obstacles, “we saw opportunities”. The solution eventually became Parcel – an integrated platform built to simplify people management, payments, and collaboration in one place. Now, according to the company, they have helped more than 40 DAOs run payroll, disburse grants and airdrops with massive payouts of more than $8 million.
The company explained that its initial round marks the next chapter for Parcel to build a treasury management network to help DAOs with diversification, token buybacks and capital efficiency through automated asset allocation strategies.
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“It is cause for celebration; however, the journey has just begun. Armed with our speed, agile team and adaptability, we have been able to quickly become the best. We are excited about what the future holds and how we can grow by focusing on accelerated development and some key areas with this round of funding”, he added.
So far, the company commented that they have been able to offer a seamless payment platform for DAOs, but it is just the beginning. So, he assured that they will share more about their plans to launch the network very soon.
“We can’t wait for what’s next, and we couldn’t have done it without our beta partners, our Gitcoin Kernel mentors and Tachyon by Consensys. So, thank you, thank you all!”, he said.
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