Quick take:
The fundraising attracted about 3,200 investors from 94 countries with an average check of about $3,140.
About 5,000 people attempted to participate in the fundraising within the first three minutes, co-founder Shuyao Kong said.
It was structured as equity with token warrants similar to the company’s $20 million seed round announced in June.
MegaLabs, the developers of the “real-time” blockchain platform on Ethereum, MegaETH has completed a $10 million angel round, conducted on Cobie’s (Jordan Fish) Echo platform.
The fundraising attracted participation from about 3,200 investors from 94 countries with an average check of about $3,140, MegaLabs co-founder Shuyao Kong told The Block. Approximately 5,000 people tried to participate in the round within the first three minutes, Kong said, adding that the company met its initial target of $4.2 million within 56 seconds, with the $10 million raised in just three minutes.
Describing the company’s decision to fundraise from the community, Kong said: “Crypto has long been plagued by high insider supply and limited community involvement,” Kong said. “At MegaLabs, we’re committed to ensuring the community has real skin in the game. We are essentially following Ethereum’s footsteps by prioritizing community ownership.”
According to the announcement, the round was structured as equity plus token warrants and at the same “nin-figure valuation” as the $20 million seed round, announced in June.
Commenting on how popular the fundraising was within the community, Cobie told The Block: “It was previously one of the most requested projects and in real-time it was the highest demand we have ever seen. If you didn’t fund within the first 55 seconds then you missed out on the first wave, and 70 seconds on the second wave.”
The fundraising comes as MegaLabs prepares to launch, MegaETH, described as the “first real-time blockchain” with full Ethereum compatibility. There are currently no definite launch dates for the public testnet and mainnet, which remains in the private testnet.
The company plans to use the fresh capital to boost community growth and support ecosystem projects, Kong said.
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