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

Odaily Odaily Planet Daily News Venice AI founder Erik Voorhees stated on X platform that to complete the $65 million Series A funding round, Venice chose to sell equity rather than directly sell VVV tokens. Although VVV has surged over 700% year-to-date, 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 grant of 1.5 million VVV tokens, and the right to purchase an additional 5 million VVV tokens over the next 8 years. If all rights are exercised, Venice's total funding would increase to $131.5 million. The relevant tokens will be locked for 1 year and then unlocked linearly over 3 years, with an expected daily increase in circulating supply of less than 6,000 tokens. Venice stated that it will continue to maintain the tokenomics model of repurchasing and burning VVV with its revenue.