Initia, a blockchain project, successfully raised $2.5 million in under two hours on Thursday through Echo, the angel investor platform established by prominent crypto trader Jordan Fish, known as Cobie. This rapid fundraising occurred at a $250 million valuation, which is 28.57% lower than the $350 million valuation from Initia's recent $14 million Series A funding round.
The fundraise on Echo was structured as a token purchase agreement, differing from Initia's Series A, which utilized a simple agreement for future equity (SAFE) with token warrants. Both Initia co-founder Ezaan Mangalji, known as Zon, and Cobie confirmed the fundraising achievement to The Block, although they did not disclose specific details.
Launched in beta in April, Echo aims to support decentralized crypto projects in attracting a wider audience, thereby reducing concentrated venture capital ownership. Zon emphasized the importance of community engagement for a sustainable ecosystem, stating that inclusivity should be prioritized for successful fundraising.
Initia's recent fundraising on Echo marks a significant moment, especially with a $5,000 maximum investment per person, indicating participation from at least 500 individuals, with around 800 joining the round.
This fundraising round represents the largest single group allocation on Echo to date. Previous fundraising efforts were conducted through smaller groups. While Monad Labs holds the record for the highest total raised on Echo at $3 million, that amount was divided across different groups and rounds.
Cobie remarked on Echo's success, stating that approximately $20 million has been raised for various startups and token projects. He expressed gratitude for the patience of founders and users as the platform continues to improve.
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