Venice AI Founder Discloses Series A Funding Details: Investors Receive 8.98% Equity and 1.5 Million VVV Vesting Grants

Odaily Planet Daily News: Venice AI founder Erik Voorhees stated on the X platform that to complete the $65 million Series A funding round, Venice opted to sell equity rather than directly sell VVV tokens. Despite VVV's price rising over 700% this year, Venice has not sold any tokens and currently holds over 30 million VVV, representing more than 37.5% of the total supply of 80 million tokens.

Investors in this round received 8.98% equity, a vesting grant of 1.5 million VVV, and warrants to purchase 5 million VVV over the next 8 years. If all warrants are exercised, Venice's total funding will increase to $131.5 million. The related tokens are subject to a 1-year lockup, followed by a linear unlock over 3 years, with an expected daily increase in circulating supply of less than 6,000 tokens. Venice stated it will continue to maintain the tokenomics model of repurchasing and burning VVV with revenue.