QuestBook raises $8.3 million to help web3 developers secure funds – TechCrunch
Summary
But they currently dont have the bandwidth to review the voluminous number of applications they receive, which pushes away some of the same builders who can bring immense value to those projects.QuestBook, a startup that is attempting to solve that and more, said today it has raised $8.3 million in its Series A funding as it looks to scale its efforts.The financing round was led by Lemniscap and saw participation from scores of investors, including Coinbase Ventures, Alameda Research, Dragonfly, Hashed, Polygon, Balaji Srinivasan, Raj Gokal of Solana, Arjun Sethi of Tribe Capital and Maneesh Sharma of GitHub.QuestBook operates an eponymous platform that allows firms to give grants to developers and invest in them in an efficient and more transparent way. It also screens projects using a number of factors such as a developers on-chain and GitHub history to shoulder much of the burden from various blockchain and web3 firms.The startup, founded in May 2021, originally set out to help builders earn in crypto. We wondered how we could give these people an opportunity to start earning on the side so that they can find financial mobility and then double down, he said.Nearly every blockchain, their foundations, or firms building atop of these projects offer grants. Uniswap, a decentralized network on Ethereum credited for the emergence of the DeFi ecosystem on the mothership, learned this lesson the hard way.The firm last year offered a no-strings-attached $20 million grant to developers, which quickly saw over 50% of the capital being swapped for a stablecoin.QuestBook today works with the Ethereum Foundation, Polygon, Aave, Near and Harmony, and has helped them provide developers over $1.5 million in grant money. The investments are all transparent and if the developers think the individual running the show isnt doing a good job, they can vote to have the person replaced.Its minimal grants DAO with maximum community participation.