Initia Raises Additional $2.5 Million via Echo

Initia, a blockchain project, announced a $14 million Series A funding round on Wednesday. On Thursday, the project raised an additional $2.5 million in under two hours via Echo, the angel investor platform founded by well-known crypto trader Jordan Fish, also known as Cobie. According to sources, the fundraise on Echo was conducted through a token purchase agreement, differing from Initia’s Series A, which was structured as a simple agreement for future equity (SAFE) with token warrants. Notably, the Echo round valued Initia at $250 million, a 28.57% decrease from the Series A valuation of $350 million.

Co-founder Ezaan Mangalji, known as “Zon,” and Cobie confirmed the fundraising success to The Block, though specific details were not discussed.

Initia’s Fundraise via Echo

Launched in beta in April, Echo enables decentralized crypto projects to raise funds from a broader audience, promoting public ownership and reducing concentrated venture capital influence. Zon emphasized the importance of community engagement for sustainability, stating that Initia keeps insider supply low and only raises necessary funds, having sold just 15% cumulatively to early contributors.

Initia is working on two products: a Layer 1 blockchain and a platform for interwoven optimistic rollups, aimed at a rollup-centric future.

Largest Single Group Allocation on Echo

The $2.5 million raised within two hours reflects high interest despite a $5,000 maximum investment per person, indicating over 500 participants and around 800 individuals joining the round. This fundraise was the first opportunity for many on Echo, marking the largest single group allocation.

Cobie remarked that Echo has raised roughly $20 million for various startups and token projects, expressing satisfaction in the progress, despite some issues as the platform is still new.

The Funding Newsletter: Stay updated on the latest crypto funding news and trends with my bimonthly newsletter, The Funding. It’s free. Sign up here!