Initia, a blockchain project developing a Layer 1 network and a system for "interwoven optimistic rollups," has raised $14 million in a Series A funding round.
Tomasz Tunguz's Theory Ventures led the round, with Delphi Ventures and Hack VC participating, Initia said Wednesday. Angel investors such as 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 joined the round.
Initia began raising funds for the Series A round earlier this year and closed the round in June, co-founder Ezaan Mangalji, who goes by "Zon," told The Block. The round was structured as a simple agreement for future equity (SAFE) with token warrants, bringing Initia's fully diluted token valuation to $350 million, Zon said. He added that this is Theory Ventures' first equity and token investment in web3, noting that the firm has also backed projects like Arbitrum developer Offchain Labs and Sui developer Mysten Labs.
The Series A round brings 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.
