Quick take:

  • Metagood has raised $5 million in a pre-seed round backed by Animoca Brands and others.

  • The web3 startup is using a DAO-driven fund to promote a culture of goodwill on the blockchain.

  • Morgan Creek Capital founder and CEO Mark Yusko, and Virgin Group investment manager Freddie Andrewes were among several angel investors.

Metagood has announced a $5 million funding round backed by Animoca Brands, Liquid 2 Ventures, ACTAI Ventures, and Sangha Capital. 

The fundraising also attracted participation from several individual investors including Morgan Creek Capital founder and CEO Mark Yusko, Virgin Group investment manager Freddie Andrewes, Orange Fund general partner Don Ho, and early Facebook executive and Stoked Capital founder Net Jacobsson, among others.

Metagood is also backed by notable web3 investors from previous rounds, including Randi Zuckerberg, twitch co-founder Kevin Lin, Axie Infinity co-founder Jeffrey (Jiho) Zirlin, The Sandbox’s Sebastian Borget, and Algorand Foundation CEO Staci Warden, among others.

The NFT-focused startup is renowned for the OnChainMonkey NFT collection, which to date has a cumulative volume of 12.7k (~$36.6 million) according to data provided by NFTGo.io.

The Metagood team is led by Danny Young CEO, Amanda Terry COO and Chairman Bill Tai. The organisation wants to promote good social impact through web3, by funding projects that bring “good karma” to the world.

Metagood said it will use the funds to expand its team and beading up OnChainMonkey’s community and tools. “We’ve been profitable off our pre-seed but we want to keep growing. We’re sitting on about 3,000 ETH from our public mint and other revenues,” Terry said.

On the other hand, Tai commended the company’s accomplishments through the OnChainMonkey NFT project, which he said has helped build a good community. 

“Our DAO has empowered so many builders while raising 2000 ETH in just one year. Our investors see the promise Web3 has for effecting change, and they are supporting that. This investment by such prominent, change-minded individuals will inspire our communities to engage and help us do even more good,” Tai added.

Yat Siu, Animoca Brands co-founder and chairman expressed his excitement about adding Metagood to Animoca Brands’ growing portfolio of investments.

“Metagood’s mission and vision, which incorporate the values of respect, integrity, sustainability and experimentation, are vital for building a positive future for Web3, and we are proud to support its mission of making this future more accessible,” he said.

According to its website, Metagood’s mission is to bring about a good social impact on the world by empowering communities “to be catalysts for positive collective action.”

Speaking to TechCrunch, Tai said: “We want the rubber to meet the road between causes and giving,” adding that his company “can address things that large centralized charity organizations who have a lot of authorities can’t do.”

Tai gave an example is a rehabilitation of a skate park in Rio de Janeiro, Brazil, as one of the micro-grant projects backed by Metagood, which “may be hard to administer with larger organisations.”

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The post Metagood Raises $5M in Pre-Seed Round to Promote Good Deeds on Web3 appeared first on NFTgators .