Paradigm Secures $5M Round for DAO Management Platform Dework

Dework, which is a combination of Trello for Web 3 and LinkedIn for Web 3 has raised $5 million in seed funding. The round was led by Paradigm, a crypto-investing giant, and Pace Capital (an early-stage venture capital firm). In an interview with CoinDesk, Lonis Hamaili, founder and CEO of Dework, stated that the new capital will allow Dework to expand beyond its current core team of three people and many contributors.

According to a draft blog post that CoinDesk provided, Dework is a Web-based collaboration tool where decentralized autonomous organisations (DAOs), can organize internal and externe teams, manage tasks, bounties, and help new members get started.

Balaji Srinivasan (a former chief technology officer at crypto-exchange Coinbase) and Sandeep Nailwal (cofounder of the Polygon cryptocurrency platform) were also investors in the round.

Dework targets common pain points for DAOs, which can have thousands of members and can’t use traditional project management tools like Jira or Linear that use a pay-per-seat pricing model, Hamaili said.

The organizations tend to have overly broad permissions systems that simply split people into “member” and “admin” categories that don’t necessarily reflect the varying amounts of work, history and trust in the community. Members also can’t easily build up a clear work profile of contributions across multiple DAO projects.

Hamaili, who is involved in project management, stated that DAO community members want greater visibility into the work and contributions of the core team. Dework addresses the lack transparency in tooling, which makes it difficult to get up-to-speed quickly and begin participating.

A number of notable DAOs have used the platform, including AragonDAO and CityDAO (where Hamaili is the first engineer contributor), as well as 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 to CoinDesk. “The team has created a decentralized solution to a decentralized set if challenges. We’re proud to be part of their journey and to help them grow and innovate.”

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