According to BlockBeats, Sonic, a Layer 2 network focusing on gaming within the Solana ecosystem, has successfully raised $12 million in a Series A funding round. The round was led by Bitkraft Ventures, with participation from Galaxy Interactive and Big Brain Holdings among others.
The funding round adopted an equity structure and came with token stock options, bringing Sonic's fully diluted valuation to $100 million. As part of the deal, Bitkraft has joined Sonic's board of directors.
The Series A funding has brought Sonic's total funding to $16 million. The company had previously raised $4 million in a seed funding round in 2022.