---
type: decision
entity_type: decision_market
name: "MetaDAO: Approve Fundraise #2"
domain: internet-finance
status: passed
parent_entity: "[[metadao]]"
platform: metadao
proposer: "Proph3t"
proposal_url: "https://v1.metadao.fi/metadao/trade/9BMRY1HBe61MJoKEd9AAW5iNQyws2vGK6vuL49oR3AzX"
proposal_date: 2024-06-26
resolution_date: 2024-06-30
category: fundraise
summary: "Proposal 3 (Autocrat v0.3) — Raise $1.5M by selling up to 4,000 META to VCs and angels. No discount, no lockup. Minimum price $375 ($7.81M FDV floor). Proph3t and Nallok execute sale with discretion on terms."
key_metrics:
  proposal_number: 3
  proposal_account: "9BMRY1HBe61MJoKEd9AAW5iNQyws2vGK6vuL49oR3AzX"
  autocrat_version: "0.3"
  raise_target: "$1,500,000"
  max_meta_sold: "4,000 META"
  min_price: "$375/META"
  implied_min_fdv: "$7,810,000"
  burn_rate: "$1,380,000/year"
tags: [metadao, fundraise, vc, angels, capital-formation, passed]
tracked_by: rio
created: 2026-03-11
last_updated: 2026-03-24
---

# MetaDAO: Approve Fundraise #2

## Summary & Connections

**Proposal 3 (Autocrat v0.3) — MetaDAO's second capital raise.** Sell up to 4,000 META to VCs and angels for $1.5M. No discount, no lockup. Minimum price $375/META ($7.81M FDV floor). Proph3t and Nallok execute with discretion on allocation, terms, and whether to raise more than $1.5M. Funds custodied in multisig, released at $100K/month.

**Outcome:** Passed (2024-06-30).

**Connections:**
- Context: MetaDAO had just launched FaaS with Drift, Dean's List, and FutureDAO three weeks prior. The raise was to fund a team to scale this: 3 engineers ($190K each), audits ($300K), growth ($150K), office ($80K) + founders ($90K each) = $1.38M/year burn
- "No discount and no lockup" — the exact opposite of the VC discount that the market would later reject ([[metadao-vc-discount-rejection]]). The founders chose to sell at market price to all participants. This set the precedent for MetaDAO's "no sweetheart VC deals" ethos.
- $100K/month release to DAO treasury from multisig — the same drip mechanism later formalized as the monthly allowance in STAMP agreements for futardio launches
- The $375 minimum price floor ($7.81M FDV) is conservative given the Colosseum deal valued META at $468 three months earlier. The floor protects against selling too cheap in a downturn.
- "Everyone who participates in the raise will get similar terms" — equal access, no tiered pricing. This is the philosophical foundation of the "unruggable ICO" model.

---

## Full Proposal Text

### Overview

Three weeks ago, MetaDAO launched the futarchy protocol with Drift, Dean's List, and Future. Our goal is to onboard more Solana DAOs. To do that, Nallok and I have a few ideas for growth initiatives, including:

- Social: seeing who's trading in the markets
- NFTs: allowing NFT communities to leverage decision markets
- Special contracts: creating custom financial contracts that make it easier to make grants decisions through decision markets

To accelerate this, our goal is to hire a small team. Between us ($90k/yr each), three engineers ($190k/yr each), audits ($300k), office space ($80k/yr), a growth person ($150k/yr), and other administrative expenses ($100k/yr), we're looking at a $1.38M burn rate.

To fund this, I'm proposing that the DAO raise $1.5M by selling META to a combination of venture capitalists and angels. Specifically, we would sell up to 4,000 META with no discount and no lockup.

Nallok and I would execute this sale on behalf of the DAO. To minimize the risk of a DAO attack, the money raised would be custodied by us in a multisig and released to the DAO treasury at a rate of $100k / month.

The exact terms of the sale would be left to our discretion. This includes details such as who is given allocation, whether to raise more than $1.5M, how escrow is managed, et cetera. However, we would be bound to a minimum price: $375. Given that there'd be 20,823.5 META in the hands of the public (which includes VCs + angels) after this raise, this means we would be unable to sell tokens at less than a $7.81M valuation. Everyone who participates in the raise will get similar terms. We will make public who's participated after it's complete.

---

## Raw Data

- Proposal account: `9BMRY1HBe61MJoKEd9AAW5iNQyws2vGK6vuL49oR3AzX`
- Proposal number: 3
- DAO account: `CNMZgxYsQpygk8CLN9Su1igwXX2kHtcawaNAGuBPv3G9`
- Proposer: `HfFi634cyurmVVDr9frwu4MjGLJzz9XbAJz981HdVaNz`
- Autocrat version: 0.3
- Completed: 2024-06-30

## Relationship to KB
- [[metadao]] — parent entity, second capital raise
- [[MetaDAO is the futarchy launchpad on Solana where projects raise capital through unruggable ICOs governed by conditional markets creating the first platform for ownership coins at scale]] — the "no discount, no lockup, similar terms" ethos starts here
- [[metadao-vc-discount-rejection]] — later rejection of a 30% VC discount, consistent with this proposal's equal-access philosophy
- [[internet capital markets compress fundraising from months to days because permissionless raises eliminate gatekeepers while futarchy replaces due diligence bottlenecks with real-time market pricing]] — early evidence of futarchy-governed capital formation