Otterspace raises $3.7m in pre-seed funding
We are proud to announce our investment in Otterspace as part of their pre-seed raise of $3.7 million.
The round was led by Cherry Crypto and Inflection.xyz with participation from from Bessemer Venture Partners, Coinbase Ventures, and Paua Ventures to build a protocol and application enabling web3 organizations to reduce financialization by coordinating with non-transferable NFT badges. Institutional investors are joined by a strong line-up of 25+ DAO operators including Sandeep Nailwal (Co-Founder of Polygon), Mats & Fredrik Haga (Dune Analytics), Will Papper (SyndicateDAO), Quickrider (FlamingoDAO), Abbey Titcomb (RadicleDAO), Sarah Drinkwater (GitcoinDAO), and NiMA (SeedClub Ventures).
“We’re excited to bring on a large and diverse group of bright Web3 operators and investors on board our Otter spaceship. This investment round both grows the community of supporters on our mission and enables us to focus on building robust infrastructure for the next generation of decentralized communities.” – Ben Dobbrick, Co-Founder Otterspace.
Otterspace’s protocol and app offer a new foundation for DAOs that typically rely on transferable fungible tokens for coordination and incentives. Non-transferable badges are earned rather than bought, and enable communities to recognise members for their participation, incentivise engagement, enumerate community roles and conduct non-financialized governance.
"We were impressed by what the entire Otterspace team has built over the last year. And we are especially proud to see a former b2venture colleague such as Ben thrive and are thrilled to join him in his journey into Otterspace," says b2venture Partner Andreas Goeldi.