Web3 Start-up Questbook Raises $8.3 Mn in series A funding round
- ByStartupStory | May 19, 2022
QuestBook, a web3 start-up has raised $8.3 million led by Lemiscap in Series A funding round. Coinbase Ventures, Dragonfly, Balaji Srinivasan, Alameda Research, Maneesh Sharma, Arjun Sethi, and Raj Gokal also participated in the round. The firm decides to use the funds to help web3 developers and gain access to capital.
Found in 2021, QuestBook is a platform that allows companies to give developers grants and funds them more efficiently and transparently. It also analyses projects based on a variety of characteristics such as a developer’s on-chain and GitHub history, taking on a lot of the work that other blockchains and web3 companies do.
Cofounder Madhavan Malolan quoted ‘During the bear market, builders come together and real innovation happens. Uniswap, Open Sea, Aave, and other projects were all built-in bear cycles. So, we will see builders working on real innovation, minus the noise, and they are the one’s protocols want to attract through grant programs’
QuestBook expects to boost its grant distribution from $30 million to $50 million over the following two quarters, the firm plans to concentrate on several parts of the company, such as design, product management, and marketing.
To assist developers and receive grant money, the firm has worked with blockchain networks such as Solana, Polygon, NEAR, AAve and Harmony, and. It enabled them to provide over $1.5 million in grants to developers.
Founded by Abhilash Inumella, Sriharsha Karamchati, Madhavan Malolan, and Subhash Karri, the firm began as a learning/educational technology platform, but in 2022, the co-founders decided to construct an on-chain grant orchestrating tool to enable developers.
Follow Startup Story
Related Posts
