Investment of $14M in Initial Sec's L1 and Interwoven L2 System secured during Series A round
Initia, a pioneering Web3 startup, has announced its successful completion of a $14 million Series A funding round. Led by Theory Ventures, the investment will propel Initia's mission to bridge and integrate the popular stablecoin, USDC, within decentralized ecosystems.
The funding round also saw participation from Delphi Ventures and Hack VC, with angel investors such as Monad Labs' Keone Hon, Bryan Pellegrino of LayerZero, and Michael Egorov of Curve Finance, also joining in. This brings Initia's total funding to $22.5 million, following a $7.5 million seed round and pre-seed funding.
Initia's core offering revolves around a bridged version of USDC, enabling users and platforms to leverage this stablecoin seamlessly across multiple blockchain networks. This facilitates decentralized finance (DeFi) activities and cross-chain transactions. The fresh capital from Theory Ventures will support scaling the platform, improving user experience, and deepening integrations with other Web3 protocols.
The startup is building a new multi-chain world across the architecture, product, and economic stacks. Initia's L1 is being developed in tandem with a network of interconnected L2s. The rollups on Initia's system are compatible with the Ethereum Virtual Machine (EVM), the Move Virtual Machine (MoveVM), and CosmWasm's WebAssembly Virtual Machine (WasmVM). Chain developers can customise how transactions are processed within the Cosmos SDK using Initia's rollups.
Initia's system is designed for a rollup-centric future. The rollups on Initia's interwoven system are built using the Cosmos SDK. The testnet concluded with over 125 million transactions and nearly 3 million unique wallets, signalling a promising start.
The token valuation of Initia was set at $350 million. A portion of the raised funds will be used to expand the marketing, business development, and developer relations teams. The Series A investment reflects strong confidence in Initia's technology and its role in advancing the usability and accessibility of USDC in decentralized applications and markets. Theory Ventures' leadership in this round suggests strategic support to accelerate Initia's impact in the fast-evolving Web3 space.
Initia co-founder Ezaan "Zon" Mangalji made the announcement to The Block. With this investment, Initia plans to accelerate its product development and expand its ecosystem to enhance blockchain interoperability and financial infrastructure within Web3 environments.
- The Series A investment in Initia, a Web3 startup, showcases strong confidence in their technology, reinforcing its role in advancing the usability and accessibility of USDC in decentralized finance (DeFi) and business ventures.
- Theory Ventures' strategic support to Initia, as revealed by the Series A funding round, will aid Initia in its mission to fractionalize the news ecosystem and expand its reach within the Web3 space, leveraging technology for a more integrated and seamless user experience.
