Oct. 24, 2022(NFTGators)-- UpsideDAO has completed a $5 million fundraising to invest in web3 projects. The crypto-centered investment fund is backed by some of the leading digital asset venture firms including Apollo Capital Management, a Melbourne-based digital asset manager, crypto payments operator Banxa, crypto broker Caleb & Brown, and digital horse racing game Zed Run.

The Apollo-backed community fund plans to spend up to $100,000 per project that receives 75% approval from members. The fund utilizes a blockchain voting mechanism that gives members voting rights commensurate with their token holdings.