Solana-based DePIN program Andrena closes $18M funding round led by Dragonfly
Andrena, the Solana-based DePIN program, closed an $18 million round led by Dragonfly with participation from CMT Digital, Castle Island Ventures, Wintermute Ventures, 6th Man Ventures, and ParaFi, The Block reports. ParaFi.
Andrena co-founder Neil Chatterjee said the round was an extension of the Series A round, structured as a Simple Agreement for Future Equity (SAFE) with token warrants. And the round was 'significantly oversubscribed', with an initial target of just $5 million, but eventually raised more funds in tranches earlier this year to allow for a smooth token launch.
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