January 25, 2025
Fogo has raised $8 million via the Echo platform, an angel investment initiative founded by crypto trader Jordan Fish, known as Cobie. The funding round was completed in under two hours on January 25, 2025. The majority of the round was led by Cobie’s group, The Echonomist, which contributed $6 million. Additional funding came from 4 Ventures by CMS Holdings, Big Brain Collective, and Patrons, each contributing $500,000.
This raise follows Fogo’s $5.5 million seed round in December 2024, with both rounds maintaining a $100 million fully diluted token valuation. The funding was structured as a Simple Agreement for Future Tokens (SAFT).
Fogo is focused on building a Layer 1 blockchain utilizing Solana Virtual Machine (SVM) technology. SVM allows for parallel transaction processing, providing faster transaction speeds and lower costs compared to other blockchain frameworks. The project is currently in the devnet phase, with a testnet launch expected in Q1 2025, followed by a mainnet launch in Q2 2025.
The newly raised funds will be used to expand Fogo's development team, enhance blockchain functionality, and support ecosystem growth. The project plans to integrate decentralized finance protocols, including Ambient Finance, created by Fogo co-founder Douglas Colkitt.
About Fogo
Fogo is developing a Layer 1 blockchain based on Solana Virtual Machine (SVM) technology to enable high-speed, low-cost transactions for decentralized finance applications. The platform is currently in its devnet phase, with a testnet and mainnet launch scheduled for 2025.
Website: https://www.fogo.io/
X: @FogoChain
About Investor
Echo
Cobie is the founder of Echo, a platform that connects crypto projects with angel investors. He is also a well-known crypto trader within the blockchain community.
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