Metis $100m Ecosystem fund By Genesi DAC— All You Need To Know
On a twitter space dated 18th of July . MetisDAO Officially announced the commencement of it $100million ecosystem development fund for interested projects.
The Ethereum layer 2 rollup made the announcement via it’s “MetisDAO Foundation” Operated independently by Genesi DAC.
What is the $100m fund ?
The fund is a Builder Incentive Program for unique projects launching on the Metis ecosystem. Besides introducing some of the Top DeFi protocols by TVL to their ecosystem. The fund will also help create a native powerhouse by directly incentivizing some of Metis’ most innovative native dApps.
Where does the $100m fund come from?
The $100m Fund comes from Genesi DAC, the investment arm of MetisDAO.
Genesi DAC is a VC investor group and $100 million fund led by Natalia Ameline, co-founder of CryptoChicks also Mother to Ethereum’s Vitalik Buterin (She does’nt like to mentioned in that way). Genesi is an onchain investment DAC part of the Ecosystem Development Program that provides support to projects utilizing the Metis Ecosystem. The investors, or DAC members have the responsibility of allocating the $100 million to chosen projects. Together, Metis and Genesi DAC help launch and scale onboarded projects with high potential in building Web3.
Who Qualifies to Apply?
Any project that meets the requirements of Genesi DAC.Wether or not the project is live on a different ecosystem. It will still be considered provided it scales all requirement by the Genesi DAC selection team Headed by Natalia Ameline.
What are the requirements to Apply?
Requirements are not official yet, but I picked up some words from Natalia Ameline herself from Genesi DAC’s recent AMA with the Metis Ecosystem.
- The first requirement to qualify for the fund is to Deploy your project on Metis. I think this is very understandable as the fund is to attract projects to their ecosystem and not limited to grow investor fund. This does’nt mean such project cannot exist on other chains.
- As a general rule of thumb for projects seeking investor funds, your team should be ofcourse tight-knitt. Natalia mentioned that your team needs to be complete and robust in all departments. The team will also be required to fully dox themselves as that will be part of the screening process.
Process of Application
- The first process of application is to connect with Metis foundation Business Development team. This allows for discussion of all the details pertaining to your project. There is no official link of who to approach on this. I suggest you join the Metis Ecosystem Communities on discord and telegram, get the official links from their website www.metis.io
- Once you are cleared by the business team, you will then proceed to Natalia Ameline’s table to continue the screening process. This particular stage involves getting important pieces of information from you. At this junction you should already have your pitchdeck, whitepaper , website and every other document to describes technicalities,tokenomics and business model of your project.
- Once the above information is reviewed by Natalia Ameline. She will setup a call with the business team to reconcile details about your project. Her role is basically to improve your pitch deck and recommend improvements in other areas of your project. She has a wealth of experience dealing with investment pitches .
- That call will decide wether you get the chance to pitch your project to the Genesi DAC investment Committee.
- After your pitch is made , there will be a Q&A section where you will be asked key questions about your project.Your pitch will be delibrated on by the Investment Committe which is by the way made up of several vc funds invested in Genesi DAC. After the deliberation which will take days,You get a feedback from the committee wether Yes or No they are willing to continue discussion with your project.
- If your project scales the deliberation. All information about your project including your recorded pitchdeck will be released to all members of the Genesi DAC investment fund. They will individually probe your project.
- If they are interested in your project, Natalia Ameline will get in touch with you to put you across the table with the interested VC funds.
Keep in mind that it is not guaranteed that all VC funds will be interested in your project, remember how i wrote above that there are different VC funds that Genesi DAC is made up of and each reserves their right to pull out of any project they are not interested to work with. You have the flexibility of declining any of the VC funds for any reason.
Once you cross stage 7. the next stage entails negotiating the terms and condition of investment, signing relevant documents and appropriating agreements directly with your team.
How long Before Fund is Released?
This is dependent on you and your chosen VC funds. After your project scales the final filter (stage 7) it is dependent on you and the VC Funds to decide when to disburst the fund. Ofcourse beforehand the runway for funding would already have being discussed in the agreement. You decide when to recieve the initial funding.
I recommend joining MetisDAO official community on discord and telegram and also a follow on twitter will be more than helpful to keep in touch with announcements. you can find all official links in their website www.metis.io .
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