Venice AI founder reveals Series A funding details: investors receive 8.98% equity and 1.5 million VVV vested grants

According to Odaily, Erik Voorhees, founder of Venice AI, stated on the X platform that to complete a $65 million Series A financing round, Venice chose to sell equity rather than directly sell VVV. Although VVV has surged over 700% this year, Venice has not sold any tokens and currently holds over 30 million VVV, accounting for more than 37.5% of the total supply of 80 million.

Investors in this round will receive an 8.98% equity stake, vesting of 1.5 million VVV, and the right to purchase 5 million VVV over the next eight years. If all purchase rights are exercised, Venice's total funds raised will increase to $131.5 million. The related tokens will be locked for one year, then linearly unlocked over the following three years, with an expected daily circulation increase of less than 6,000 tokens. Venice stated it will continue to maintain its revenue buyback and burn tokenomics model for VVV in the future.