Svmuu News: Erik Voorhees, founder of Venice AI, posted on X stating that to complete its $65 million Series A funding round, Venice chose to sell equity rather than directly sell VVV tokens. Although VVV has surged by 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.
Investors in this round received an 8.98% equity stake, a vesting grant of 1.5 million VVV tokens, and the right to purchase 5 million VVV tokens over the next 8 years. If all options are exercised, Venice’s total funding raised will increase to $131.5 million. The relevant tokens will be locked for one year and then unlocked linearly over the following three years, with an estimated average daily increase in circulating supply of less than 6,000 tokens. Venice stated that it will continue to maintain its token economic model of repurchasing and burning VVV tokens using revenue.