Midao
Legal framework for Web3, DAOs, and AI.
| Date | Investors | Amount | Round |
|---|---|---|---|
* | $1.0m | Seed | |
| Total Funding | 000k | ||
Midao offers a legal framework for Decentralized Autonomous Organizations (DAOs), Web3 projects, and AI agents by enabling them to incorporate as DAO Limited Liability Companies (LLCs) in the Republic of the Marshall Islands (RMI). The company operates through an exclusive public-private partnership with the RMI government, acting as the sole registered agent for DAO LLC registrations. This legal structure provides organizations with corporate personhood and limited liability protection, allowing them to own assets and enter into legally binding agreements.
The concept for Midao originated when its founders, working with a DAO, needed a legal entity to accept a grant. They discovered that existing legal structures worldwide were incompatible with the decentralized and often anonymous nature of DAOs. In 2021, co-founder Adam Miller, a tech entrepreneur with a background in economics from MIT and emerging technology research, along with Mark Lurie, connected with RMI leadership to create DAO-friendly legislation. This led to the amendment of the Non-Profit Entities Act and subsequent DAO Acts, establishing both for-profit and non-profit DAO LLCs. The other co-founders include Bobby Muller, a prominent businessman and former cabinet member in the Marshall Islands, and Leo Henkels, who leads business development.
Midao's DAO LLC framework is designed to support blockchain-native governance, permit pseudonymous participation, and reduce maintenance overhead compared to other jurisdictions like Wyoming or Switzerland. The company provides services for various clients, including established protocols, Web3 startups, investment DAOs, and AI-driven organizations. The process involves filing annual documents and providing compliance services. Revenue is generated from registration fees for setting up these DAO LLCs. By July 2023, Midao had secured $1 million in a seed funding round and has registered over 250 DAO LLCs.
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