Former Polychain Partner Tekin Salimi Unveils $125M Fund With Plans to Become DAO

Tekin Salimi (ex-general partner of the crypto venture capital firm Polychain Capital) recently announced that he would be launching a $125m venture fund called dao5.

Tekin Salimi Launches $125M Fund

Forbes reported Wednesday that dao5 will invest in crypto-related startups at the early stages and projects that focus on different industry sectors such as gaming, NFTs and DeFi.

Dao5, which has secured $125 Million from several “crypto native” investors and Salimi himself will make seed investments of $500,000 to $2,000,000.

In 2025, dao5 will be converted into a DAO

Salimi’s ultimate goal in converting the fund to a decentralized autonomous organisation (DAO), within three years.

“The dao5 goal is to find a new way to bootstrap a DAO. He stated that the focus of dao5 is to first acquire talent through venture investing and then to grow the treasury by leveraging the collective talents of the dao5 members.

The report states that every time dao5 invests into a new project the founder receives a share of the governance tokens. This represents the fund’s profits. However, it is not clear how many tokens will actually be issued or what percentage each portfolio founder will get.

This allows portfolio founders to gain financial exposure to tokens held by other portfolio founders over time. This provides them with an incentive to work together and drive up the prices of tokens.

After dao5 has been converted, the fund will dissolve and tokens will be issued to the fund’s advisory board, investment team, and portfolio company founders.

Salimi will manage the fund along with several prominent individuals who will form the advisory board. They include Emin Gun Sirer founder of Avalanche Network, Do Kwon founder, Moonpay founder and Ivan Soto–Wright founder of Luna protocol.

MetaMask, a popular cryptocurrency wallet provider, recently announced plans to launch a DAO in order to help fund its wallet growth and also to launch its native token.

Featured Image Courtesy Of Linkedin

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Marla Brooks

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