Dework, which aspires to be a cross between Trello and LinkedIn for Web 3, raised $5 million in a seed fundraising round led by crypto investing behemoth Paradigm and early-stage venture capital firm Pace Capital. The new funding will allow Dework to grow beyond its existing three-person core staff and several contributors, according to creator and CEO Lonis Hamaili in an interview.
Dework is a Web 3-native collaboration platform that allows decentralized autonomous organizations (DAOs) to establish internal and external teams, manage projects and bounties transparently, and assist new members in getting started.
Balaji Srinivasan, a former chief technology officer of crypto exchange Coinbase, and Sandeep Nailwal, a co-founder of the Polygon crypto platform, were also investors in the round.
Dework addresses typical pain issues for DAOs, which can have thousands of members and cannot use traditional project management systems with a pay-per-seat price model, such as Jira or Linear, according to Hamaili.
Organizations have overly broad permissioning systems that merely divide people into “member” and “admin” categories, which may not often reflect the various amounts of work, history, and trust in the community. Members also struggle to create a clear work profile of contributions across numerous DAO projects.
On the project management front, Hamaili stated that DAO communities demand greater transparency into the activities of the core team and most active contributors. Dework also tackles the lack of clarity in tools, which makes it difficult for new contributors to rapidly catch up and begin contributing.
A number of well-known DAOs have used the platform, including OpenDAO, AragonDAO, CityDAO (where Hamaili was the first engineering contributor), and ShapeshiftDAO.
“Dework gives Web3 builders all the tools and talent necessary to help ambitious DAOs reach their full potential,” Paradigm researcher Anish Agnihotri wrote in an emailed statement. “The team has built a decentralized solution for a decentralized set of challenges and we’re excited to be part of their journey as they continue to grow and innovate.”