September 25, 2024
Initia, a blockchain project focused on creating a Layer 1 network and a system for “interwoven optimistic rollups,” has secured $14 million in a Series A funding round. The round was led by Tomasz Tunguz’s Theory Ventures, with participation from Delphi Ventures and Hack VC, as announced by Initia on Wednesday.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Initia | $14M | September 25, 2024 | Series A | $22.5M | Theory Ventures | Layer 1 |
Angel investors including Keone Hon of Monad Labs, Bryan Pellegrino of LayerZero Labs, Zaki Manion of Sommelier Finance, Jordi Alexander of Selini Capital, and Michael Egorov of Curve Finance also contributed.
Co-founder Ezaan Mangalji, known as “Zon,” mentioned that Initia started raising funds for this round earlier in the year and concluded it in June. The funding round was structured as a simple agreement for future equity (SAFE) with token warrants, resulting in a fully diluted token valuation of $350 million. Zon highlighted that this is Theory Ventures’ first equity and token investment in the web3 space, noting their previous support for projects like Arbitrum developer Offchain Labs and Sui developer Mysten Labs.
This Series A round increases Initia’s total funding to $22.5 million, which includes a $7.5 million seed round earlier this year and a pre-seed investment from Binance Labs last October.
About Initia
Initia is a blockchain network designed to integrate multiple modular networks through a system of interwoven rollups. It combines a foundational Layer 1 blockchain with Layer 2 infrastructure, allowing for secure and efficient scaling. Developers can use various smart contract environments like Solidity, Move, or CosmWasm, and benefit from features like cross-chain interoperability, enhanced security, and liquidity. Initia aims to simplify blockchain development and interaction by providing a cohesive framework and out-of-the-box features, making it easier to build and deploy decentralized applications.
Website: https://initia.xyz/
About Investor
Investor: Theory Ventures
Theory Ventures is a venture capital firm that invests in early-stage software companies. They focus on leveraging technological breakthroughs to create market advantages. With investments ranging from $1 million to $25 million, Theory Ventures aims to support startups that are innovating in areas like data, machine learning, and decentralized infrastructure. Their approach is thesis-driven, meaning they deeply research and develop informed perspectives to guide their investments.
Location: Portola Valley, California
Website: https://theory.ventures/
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