thegandalf
@thegandalf
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MegaETH developer raises $10 million in 3 minutes on Cobie's EchoMegaLabs, the developer of a "real-time" blockchain called MegaETH, raised $10 million in under three minutes on Echo, the angel investor platform founded by popular crypto trader Jordan Fish, better known as Cobie.
MegaLabs initially aimed to raise $4.2 million and hit that target in just 56 seconds after the sale went live late Thursday, co-founder Shuyao Kong told The Block. Due to overwhelming investor demand, the project decided to raise an additional $5.8 million, which was fully funded in 70 seconds, Kong said.
The Echo round was structured as equity plus token warrants, the same as MegaLabs' $20 million seed round in June, Kong said. Both rounds were conducted at the same "9-figure" valuation, meaning at least $100 million, she added. This was despite an over-the-counter (OTC) market valuing MegaLabs "significantly higher," according to Kong. 0 reply
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