Venice AI Founder Erik Voorhees Says Firm Sold Equity in $65 Million Series A, Not VVV Tokens

Venice AI founder Erik Voorhees said the company completed a $65 million Series A round by selling equity rather than selling its VVV tokens. According to Odaily, Voorhees said Venice has not sold any VVV tokens despite the token rising more than 700% this year, and the company currently holds more than 30 million VVV, representing over 37.5% of the 80 million total supply. He said investors in the round received 8.98% equity, a vested grant of 1.5 million VVV, and subscription rights to buy 5 million VVV over the next eight years. If all subscription rights are exercised, Venice’s total fundraising would increase to $131.5 million. The tokens tied to the deal are subject to a one-year lockup, followed by linear unlocking over three years. Venice estimated the average daily increase in circulating supply would be fewer than 6,000 tokens. Venice also said it will continue its tokenomics model of using revenue to buy back and burn VVV.