PartyDAO, the decentralized autonomous organization (DAO) behind the NFT bidding platform PartyBid, has raised $16.4 million in a funding round led by the well-known venture capital firm Andreessen Horowitz (a16z). PartyDAO Secures $16.4M Funding According to a statement posted Thursday, PartyDAO has secured $16.4 million in a funding round led by a16z. Other participants in the round include Standard Crypto, Compound Crypto, Dragonfly Capital, Uniswap Ventures, and Loot creator Dom Hofmann. 🚂🚃🚃All aboard! The PartyDAO adventure continues… We're excited to announce our $16.4M fundraise led by @a16z crypto with participation from some of the best investors and founders around. https://t.co/WNidG8r2nv ⬇️Read on for more… pic.twitter.com/A3tiMtmQCK — PartyDAO (@prtyDAO) June 9, 2022 The NFT bidding platform for PartyDAO, PartyBid, allows users to buy NFT together as a group by sharing ownerships or pooling funds. The platform also provides clear goals and constraints to reduce the complexity of group coordination. Commenting on the development, PartyDAO developer John Palmer wrote in a blog post, “To date, PartyDAO has been funded entirely by our own members and on-chain revenue. This helped us focus but limited us from going all out. Our new funding means that PartyDAO can now pursue our goals with the firepower they deserve.” Demand for NFT Fractional Ownership The investment round for PartyDAO demonstrates that interest in ...
