The raise was led by 1kx Network, with contributions from Scalar Capital, Metacartel Ventures and more.
Forefront, a year-old media company covering social tokens and decentralized autonomous organizations (DAOs), says it raised $2.1 million in a new funding round.
In an announcement released Thursday on the blockchain-backed blogging platform Mirror, the company said the financing is part of a “community-driven treasury diversification round,” and that the money is coming in via fiat currency – that is to say, actual dollars – as opposed to crypto.
Crypto-native media companies are having a bit of a moment: Trevor McFedries’ Friends With Benefits was recently valued at $100 million after a funding infusion from crypto investment powerhouse Andreessen Horowitz, and social token issuers like Roll and Rally have raised their profiles significantly over the past few months.
The Forefront round was cobbled together from a group of small firms and investment collectives, like 1kx Network, Scalar Capital, Metacartel Ventures, as well as angel investors like McFedries and Jesse Grushack, formerly of ConsenSys.
For now, Forefront mostly consists of a website, a newsletter and an accompanying private Discord community. Entry to the Discord server will cost you 1,000 $FF tokens, which currently go for about $6.16 a pop – that’s $6,160, not including gas fees.
“This round will help us scale our effort, onboard full-time contributors, and continue to build at the cutting edge of DAOs,” said Carlos Gomes, a member of the core Forefront team.
Other contributors to the Forefront raise include Marvin Lin, erstwhile editor-in-chief of the storied music website Tiny Mix Tapes, and Austin Robey, who runs a music co-op community called Ampled.