Utopia Labs, a payroll and expense management system built to integrate directly with multisig crypto wallets, announced on May 29 that it had closed a $23 million Series A funding round led by Paradigm with continued support from its earliest seed investor, Kindred Ventures. Other investors included Circle Ventures, Gusto, Coinbase Ventures, Infinity Ventures Crypto, Distributed Global, and Fourth Revolution Capital.
DAOs, or decentralized autonomous organizations, are member-owned communities that aim to use blockchain and less centralized leadership, to make decisions to achieve a certain goal. Utopia Labs believe that DAOs will inspire a new generation of institutions, companies, and communities that will be more transparent, more equitable, and more accessible than ever before.
Utopia Labs is looking to build the stack to help these organizations scale and operate. The company has partnered and built up its resources alongside crypto-native organizations including OlympusDAO, Lido, Friends with Benefits, Yield Guild Games, and more. Utopia Labs is now working with more than 100 DAOs, up from roughly 30 earlier this year.
The company is averaging 75% month-over-month growth in payment volume, which in April hit $15 million. This new round of funding will help it develop its team of innovators for the DAO network, as well as create new features, primitives, and initiatives that push the space forward and unlock the full potential of these new distribution channels.