Former NEA Partner Amit Mukherjee Leaves TradFi for Web3 with the Launch of Chainforest DAO

Chainforest is a first-check web3 VC firm supported by the Chainforest DAO and its community.
Image source: Business Wire

Quick take:

  • Chainforest DAO launches today with applications to join open to the public.
  • The Chainforest community consists of more than 400 full-time web3 operators.
  • Anyone may gain admission to the DAO without necessarily contributing capital to the fund.

Amit Mukherjee, the former partner of multi-billion dollar firm New Enterprise Associates (NEA), has left TradFi in favour of Web3 with the launch of Chainforest DAO, a community that supports first-check Web3 VC firm, Chainforest.

With the launch of Chainforest DAO today, applications to join the community are open to the public. The Chainforest community consists of more than 400 full-time web3 operators from organizations such as Polygon, Solana Foundation, Ava Labs, Consensus, Poolsuite, and Friends with Benefits.

Prior to founding Chainforest DAO, Mukherjee was the freelance Global City DAO co-treasurer of the Web3-focused network, Friends with Benefits. 

Chainforest DAO is loosely based on the “venture DAO” model. However, its unique structure is unlike other investment DAOs where membership is limited to 99 members. With Chainforest, anyone may receive admission to the DAO without necessarily contributing capital to the fund. Its community members, dubbed “Rainmakers,” can earn $RAINDROP (tokenized carry in the fund) for supporting the Chainforest investment practice.

Founded by Amit Mukherjee, who spent more than nine years at NEA, Chainforest began as a Telegram chat group for Web3 discussions. The DAO was created after the group’s members suggested Mukherjee convert the group into a DAO.

Founders of Chainforest portfolio companies can harness its network of more than 400 Rainmakers for support in any area in which a community member has expertise. By supporting the portfolio company, Rainmakers will receive $RAINDROP as an incentive.

“Community-native design is the future of VC, particularly for web3. Chainforest’s unique DAO structure is materially changing the face of venture capital. By tapping on our Rainmakers’ collective professional expertise, we are able to scale faster and invest with greater efficiency to create an impact in the web3 investment landscape,” Mukherjee said.

Chainforest claims that 50% of its investments have gone to companies founded by community members. These include Arkive, Stelo, STATION, and Zestworld. As a DAO, Chainforest is frequently asked to beta test products, which has led to investments in Utopia Labs and Syndicate while two additional investments in the portfolio were sourced by Rainmakers.

“Chainforest has added unique value as a Utopia investor. Amit has a set of special experiences with DAOs, both as co-leader of FWB’s treasury team and as founder of Chainforest, which operates as a Venture DAO and uses our software. Because of this background, Amit and Vasanth Thiruvadi (Chainforest Head of Finance) have been able to provide us with highly-specific product feedback that few others can offer,” said Kaito Cunningham, CEO and co-founder of Utopia Labs.

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