Tech Firm MegaLabs Secures $10 Million Capital From Private Backers Through Cobie's Investment Platform, Echo
In a remarkable turn of events, MegaLabs, the creators of MegaETH on the Ethereum blockchain, successfully completed a $10 million angel round on Cobie's Echo platform. This round saw an unprecedented level of participation and global reach, surpassing the earlier seed funding activities in every aspect.
The round, which took place at a nine-figure valuation, attracted approximately 3,200 investors from 94 countries. This diversity in participation and geographic spread was a significant departure from the earlier seed round, for which details about the exact investor count, countries involved, or funds raised were not available.
The funds were raised in an astonishingly short span of time. Within just three minutes, the entire $10 million was secured, with approximately 5,000 people trying to participate within the first three minutes. The speed of the fundraising was such that anyone who didn't fund within the first 55 seconds missed out on the first wave, and 70 seconds on the second wave.
MegaLabs, known for its commitment to community involvement, aims to ensure that the project remains true to Ethereum's model of community ownership. The company intends to use the fresh capital to boost community growth and support ecosystem projects.
While no definite launch dates for the public testnet and mainnet have been announced, the project remains in the private testnet phase.
The fundraising was structured as equity plus token warrants, a strategy that appears to have resonated well with the community, given the round's popularity. Despite the success of this round, MegaLabs has not repeated the structure for subsequent fundraising activities, indicating a potential shift in strategy.
Kong, a representative from MegaLabs, specified these plans, emphasising the company's focus on delivering value to its community and stakeholders. This successful angel round on Echo represents a significant milestone for MegaLabs, demonstrating the strong support and interest in the MegaETH project within the community.
Following this round, MegaLabs also conducted a $27.73 million NFT minting event (The Fluffle collection), further highlighting the company's continued fundraising activities.
[1] Sources: MegaLabs official announcement, various news reports.
The successful $10 million angel round on Cobie's Echo platform, which attracted over 3,200 investors from 94 countries, underscores the global interest and support for MegaLabs' MegaETH project within the community. Despite the incredible pace of the fundraising, MegaLabs plans to allocate the fresh capital towards boosting community growth and supporting ecosystem projects, adhering to Ethereum's model of community ownership. This news is a testament to MegaLabs' commitment to investing in technology and its dedication to delivering value to the community and stakeholders.
