DePIN project SendingNetwork raises $7.5 million from Balaji Srinivasan and others

Quick Take

  • SendingNetwork has raised $7.5 million in new funding from Nomad Capital, Symbolic Capital, Balaji Srinivasan and others.
  • The DePIN project aims to decentralize online communications.

SendingNetwork, a decentralized physical infrastructure network (DePIN) project focused on web3 communications, has raised $7.5 million in a seed extension funding round.

Several investors joined the round, including Nomad Capital, Symbolic Capital, Web3.com Ventures, Galxe, SWC Global, Balaji Srinivasan and Yield Guild Games co-founder Gabby Dizon, SendingNetwork said Tuesday.

The round was structured as a simple agreement for future equity (SAFE) and closed last October, Mason Yang, co-founder of SendingNetwork, told The Block. He declined to comment on valuation.

The seed extension round brings SendingNetwork's total funding to $20 million following a $12.5 million