Lava Foundation raises $11 million in token round ahead of airdrop

Quick Take

  • Lava Foundation has raised $11 million to continue the development of the Lava Network.
  • This was a token round and comes ahead of Lava’s mainnet launch and airdrop in the coming months.

Lava Foundation, a newly formed non-profit for the development of the modular blockchain network Lava, has raised $11 million in a funding round ahead of the network's mainnet launch and token airdrop.

Investors in the round included Animoca Brands, Ventures, CoinGecko Ventures, Polygon co-founder Sandeep Nailwal, Ash Crypto, CryptoLark, and media outlets Crypto Times Japan, Le Journal Du Coin and The Rollup, among other investors, Lava Foundation said Tuesday.

This is the first time the foundation is being publicly introduced, Amir Aaronson, head of the foundation, told The Block. The funding round was realized via a simple agreement for future tokens or SAFT, Aaronson said, declining to comment on the valuation.

Lava Foundation's funding round comes shortly after MagmaDevs (formerly Lava Protocol Inc.) announced a $15 million seed round in February. Aaronson said that the seed round closed in 2023 but was announced earlier this year. Following the announcement, investors showed interest in Lava, leading to the new token funding round.

"Lava Foundation is the sole entity that sells tokens and decides the roadmap for the network until the DAO is live at mainnet," Aaronson said.

What is Lava Network?

Lava is a modular blockchain network, which can be compared to the popular project Celestia. While Celestia is foc