Shiba Inu Raises $12M Through Treat Token Sale

• Shiba Inu team secures $12 million via TREAT token sale to non-U.S. investors like Polygon Ventures.
• The lead developer, Kusama, clarifies the investor base amid queries about U.S. involvement.
• TREAT is a utility and governance token for Shiba Inu’s Layer 3 blockchain.

The team behind the Shiba Inu memecoin has secured $12 million by selling its unreleased token, TREAT, to non-U.S. venture capital investors. The fundraising campaign, which started several months ago, witnessed participation from investors such as Polygon Ventures, Mechanism Capital, Big Brain Holdings, Woodstock Fund, and DWF Ventures,

Questions arose regarding the involvement of U.S.-based investors such as Mechanism Capital and Shima Capital. However, Shytoshi Kusama, the lead developer, clarified that despite appearances, none of the investors are based in the U.S., although full entity names remain undisclosed.

Kusama refrained from providing specific details regarding the valuation but indicated that the fundraising was conducted in tranches. According to a source familiar with the matter, these tranches occurred at valuations of $75 million, $100 million, and $200 million, respective…

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