Venture capital firm Pitango has launched a decentralized autonomous organization (DAO) to invest in Web3 projects.

#PitangoFirst We are excited to announce the launch of First Labs, a Web 3.0 Venture Lab that aims to bridge the gap between Web 2.0 and Web 3.0, founded by. @ayali and Aviv Barzilay.

Join the waiting list: https://t.co/ZDL77MekEt

Full details: https://t.co/d0ZJCPS0MM.#crypto #DAO #web3

— Pitango VC, Israel (@Pitango) 7 June 2022

Company representatives noted that this is Israel’s first investment, DAO. According to them, the Pitango First Foundation started the First Labs division that created the First DAO.

“We will issue a token by breaking the traditional venture capital model,” Aviv Barzilai, head of First Labs, told The Block.

He did not specify the asset’s release timing and tokenomic details, but emphasized that the volume of assets under Pitango’s management is approximately $3 billion.

Barzilai added that the organization plans to incorporate local startups specializing in infrastructure solutions and cybersecurity into Web 3.0. The DAO itself will focus on DeFi, NFT, gaming and the metaverse.

According to him, First DAO will gradually transfer control to the community.

Previously, Bessemer Venture Partners launched a DAO to engage with the community, including Web3 developers and entrepreneurs.