Avocado Guild raised $18 million in Series A to become a decentralized autonomous organization.
The Avocado Guild initiative offers a scholarship program with 7,000 participants, most of whom are from the Philippines and Indonesia.
Avocado Guild, a play-to-earn (P2E) blockchain gaming guild, announced that it had secured 18 million USD in a Series A fundraising round, boosting the company’s capitalization to $200 million. Animoca Brands and QCP Soteria Node lead the investment, with cooperation from Three Arrows Capital, Solana Ventures, Polygon Studios, Binance Smart Chain, and GoldenTree Asset Management executives.
The new funds will be used to expand the company’s technological capabilities and migrate to AvocadoDAO, a decentralized autonomous organization.
Co-founder and CEO Brendan Wong said:
“Avocado Guild emerged from an opportunity identified by the founders, where blockchain-based games could improve the lives of communities all over the world. Through P2E, the unbanked population now can make changes to their lives based on their actions in the virtual world,”
Avocado Guild, according to Wong, acts as a support network for players. The company’s three philosophies are to enrich, educate, and empower the community so that people may better comprehend Web 3.0 technology and its advantages.
According to the CEO, the move from Avocado Guild to AvocadoDAO will gradually give the community authority over how the DAO’s investments and activities are managed and the Avocado metaverse’s strategic development. Avocado token holders will ultimately control AvocadoDAO in a decentralized and permissionless manner.
A decentralized autonomous organization is a group in which a project’s community, often those who possess a token issued by the project, has the ability to vote on governance issues and decide the project’s growth trajectory.
Avocado Guild will also use the extra funds to hire more staff members and expand its scholarship program, which has benefited its community by introducing players to a variety of P2E games, including Axie Infinity, and supplying them with the non-fungible tokens (NFTs) necessary to play the games.
The Avocado Guild’s scholarship program now has 7,000 members, with a goal of reaching 12,000 by the end of this year. The project mainly attracts new members in the Philippines and Indonesia, but it aims to expand its operations throughout Southeast Asia. Avocado Guild has over 30,000 Twitter followers and over 39,000 Discord channel members as of October.
Brendan Wong said:
“During the pandemic-led economic downturn, yield farming and metaverse content creation provided an alternative source of income for many. As our guild continues to grow and expand into future cornerstone games, our scholarship program offerings will broaden to provide both P2E and DeFi opportunities, furthering the goal of enriching our scholars’ lives,”
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