Metagood, a for-profit social impact NFT startup, has raised $5 million in its pre-seed round, the team exclusively told TechCrunch.

The company launched its flagship NFT collection OnChainMonkey to create tokenized value for community members. It also aims to give members the chance to promote and fund social good projects through its DAO, which raised 2,000 ETH in just one year, he added.

Investors in the recent funding round include Animoca Brands, Morgan Creek Capital founder and CEO Mark Yusko, and Virgin Group investment manager Freddie Andrewes, to name a few.

Previous investors include a number of high-profile celebrities or executives like actor Owen Wilson, Virgin Unite chair Holly Branson, and Rotten Tomatoes co-founders Patrick Lee and Stephen Wang, as well as crypto investments from Dapper Labs co-founder Roham Gharegozlou, Axie Infinity co-founder Jeffrey Zirlin and The Sandbox co-founder Sebastien Borget, among others.

The capital will be used toward growing the company, hiring new talent, and building OnChainMonkey’s community and tools, Terry said. “We’ve been profitable off our pre-seed but we want to keep growing. We’re sitting on about 3,000 ETH from our public mint and other revenues.”

Metagood believes that web3 can be a positive force in creating an economy of good karma, where people are rewarded for doing good things, Tai said. The startup aims to combine rewards through charitable giving and the prices of the OnChainMonkey NFTs. “As the karma spreads, the economy grows.”The DAO model allows for a maximum amount of funds to go toward projects— and fast, Tai said.