💰Initia raises $2.5 million in under 2 hours on Cobie's Echo at $250 million token valuation.

Initia, a blockchain project that announced a $14 million Series A funding round on Wednesday, raised an additional $2.5 million in under two hours on Thursday via Echo, the angel investor platform founded by well-known crypto trader Jordan Fish, also known as Cobie, two sources with direct knowledge of the matter told The Block.

The fundraise on Echo was conducted through a token purchase agreement, unlike Initia's Series A, which was structured as a simple agreement for future equity (SAFE) with token warrants, the sources said.

Notably, Initia's Echo round took place at a $250 million valuation, 28.57% lower than the $350 million valuation for the Series A, the sources added.

Initia co-founder Ezaan Mangalji, who goes by "Zon," and Cobie both confirmed Initia's fundraising on Echo to The Block but declined to comment on specific details of the raise.