Shiba Inu, the team behind the widely recognized memecoin, has successfully raised $12 million through the sale of its yet-to-be-released token, TREAT, to non-U.S. venture capital investors.
The funding round attracted investors such as Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Stake Capital, and Comma 3 Ventures, according to Shiba Inu’s announcement on Monday.
Despite some investors like Mechanism Capital and Shima Capital seemingly having U.S. bases, Shiba Inu’s lead developer, Shytoshi Kusama, clarified to The Block, “None of the investors are based in the U.S.,” though he noted that full entity names might remain undisclosed.
Kusama revealed that the fundraising, which began a few months ago, wrapped up earlier this month. He chose not to disclose the valuation, but a source familiar with the deal informed The Block that the investment was structured in tranches valued at $75 million, $100 million, and $200 million.
According to Kusama, the investment round included both pre-seed and seed phases. He also discussed the role of the TREAT token within the Shiba Inu ecosystem. TREAT is set to function as the utility and governance token for Shiba Inu’s new privacy-focused Layer 3 blockchain, which is under development atop Shibarium, its Ethereum Layer 2 blockchain.
Kusama added that TREAT will be the final non-stable token released from the Shiba Inu ecosystem. Additionally, he noted that later this year, the ecosystem plans to introduce a new token named Shi. Current tokens in the ecosystem include SHIB, the primary memecoin; BONE, the governance token of Shibarium; and LEASH, a fixed-supply token for Shiba Inu’s most dedicated users that offers various benefits, including BONE rewards.
Also Read, BaFin Fines Commerzbank €1.45 Million for Anti-Money Laundering Failures
Global Tensions Impact Gold Stability and Bitcoin Volatility Amid U.S. Geopolitical Funding
Bookmark and Follow us for More Business News
