Entrepreneurs Alex Taub and Michael Schonfeld once built software tools for the social media boom. Now they’re hoping to provide the plumbing for a new one in the wild west of Web3
Upstream
The round, which values Upstream at $80 million after investment, included a gaggle of investors including Tiger Global, Ibex Investors, Vayner Fund, Panoramic Ventures, Alpaca VC, Human Ventures and Blumberg Capital. Crypto specialists including Fenbushi Capital and The Medici Group also joined in. Upstream and its investors are banking on “DAOs in a box” proving to be increasingly in-demand, even if no reprise song byis currently planned. The total value of global DAOs currently stands at more than $8 billion, according to tracker DeepDAO, down from an all-time high of about $10 billion as the value of popular cryptocurrencies has dropped.
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