DAOLens raised $5 million in pre-seed round led by Nexus Venture Partners, Better Ventures and iSeed II where other notable investors including Coinbase’s Gokul Rajaram, Polygon’s Sandeep Nailwal, Solana’s Raj Gokal, Animoca Brands’ Simon Doherty and Tribe Capital’s Arjun Sethi with angel investors Balaji Srinivasan, Snapdeal cofounders Kunal Bahl & Rohit Bansal, CRED founder Kunal Shah, Nazara Tech CEO Manish Agarwal and SoftBank’s Vishal Gupta & Narendra Rathi, among others also participated.
DAOLens identified a scarcity of tools for creating or joining such a community. As a result, it has decided to launch Web3-specific SaaS tools to assist DAOs in January 2022. The funds raised will primarily be used for product development, team expansion, and eventual expansion into international markets. According to DAOLens, there are currently approximately 5K DAOs operating globally.