Quick take:
- The fundraising was structured as a simple agreement for future equity with token warrants and at a token valuation of $350 million.
- Angel investors joining the round include Monad Labs’ Keone Hon, Bryan Pellegrino of LayerZero and Michael Egorov of Curve Finance, among others.
- Initial launched its testnet last month while the mainnet is scheduled to go live within the next two months.
Initia, a Web3 startup developing a layer-1 blockchain and an interconnected system of layer-2s has raised $14 million in a Series A round led by Theory Ventures with participation from Delhpi Ventures and Hack VC.
The fundraising also attracted participation from angel investors including Monad Labs’ Keone Hon, Bryan Pellegrino of LayerZero and Michael Egorov of Curve Finance, among others.
The fundraising was structured as a simple agreement for future equity with token warrants and at a token valuation of $350 million, Initia co-founder Ezaan “Zon” Mangalji told The Block. The company has now raised $22.5 million in total, following a $7.5 million seed round and pre-seed funding.
The announcement comes barely a month following Initia’s testnet launch, which concluded with over 125 million transactions and nearly 3 million unique wallets. The company plans to launch its mainnet within the next two months.
Rollups on Initia’s interwoven system are built using the Cosmos SDK and are compatible with the Ethereum Virtual Machine (EVM), the Move Virtual Machine (MoveVM) and CosmWasm’s WebAssembly Virtual Machine (WasmVM), enabling chain developers to customise how transactions are processed within the Cosmos SDK.
Some of the capital will be used to expand the business across three divisions including adding to the marketing, business development and developer relations teams.
Commenting on the announcement, Zon said: “We are holistically building a new multi-chain world across the architecture, product and economic stacks using the Initia L1 and an interwoven system of L2s. Through designing an L1 in tandem to a network of interconnected L2s, Initia has built a system designed for a rollup-centric future.”
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