The decentralized autonomous organization — or DAO — founded by Y Combinator alumni has reportedly raised $80 million to invest in early-stage blockchain startups.
Orange DAO received most of that sum from blockchain technology companies Algorand Foundation Ltd. and Near Inc., according to Tech Crunch. The rest came from institutional investors and members of the DAO; the latter will become limited partners of Orange's new fund, according to Tech Crunch's report.
Algorand and Near stand to potentially benefit if any of the blockchain and cryptocurrency entrepreneurs Orange backs have a runaway success.
"For them, working with us and getting exposure in front of our entrepreneurs is really important," Orange co-leader Ben Huh told TechCrunch.
Huh was not immediately available for comment when contacted by the Business Journal.
Thus far, Orange has invested in 90 startups, Tech Crunch reported. In addition to backing blockchain companies, the organization plans to use its funds to...
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