Initia, a Web3 startup focusing on a layer-1 blockchain and an interconnected system of layer-2s, has successfully raised $14 million in a Series A round led by Theory Ventures, with participation from Delphi Ventures and Hack VC. Angel investors such as Keone Hon of Monad Labs, Bryan Pellegrino of LayerZero, and Michael Egorov of Curve Finance also joined the round.

The fundraising was structured as a simple agreement for future equity with token warrants, valuing the tokens at $350 million. This brings Initia's total funding to $22.5 million, following a $7.5 million seed round and pre-seed funding.

Initia recently concluded its testnet phase, which saw over 125 million transactions and nearly 3 million unique wallets. The mainnet is expected to launch within the next two months. The company plans to use part of the capital to expand its marketing, business development, and developer relations teams.

Initia's rollups are built using the Cosmos SDK and are compatible with Ethereum Virtual Machine (EVM), Move Virtual Machine (MoveVM), and CosmWasm’s WebAssembly Virtual Machine (WasmVM), offering developers customizable transaction processing.

Co-founder Ezaan “Zon” Mangalji stated, “We are holistically building a new multi-chain world across the architecture, product, and economic stacks using the Initia L1 and an interwoven system of L2s.”