Umia raised $6.11 million through the auction of UMIA tokens, with a fully diluted valuation (FDV) reaching $18 million

The platform Umia, which helps cryptocurrency projects issue and govern tokens, completed a $6.11 million financing by auctioning its own UMIA tokens. Francesco Mosterts, co-founder and CEO of Umia, told The Block that the seven-day auction had a fully diluted valuation of $18 million, selling a total of 17.3 million tokens, which accounted for 34.6% of the total supply. All tokens sold in the auction were unlocked at issuance, with no lock-up period. According to CoinGecko data, the current trading price of UMIA is approximately $0.68, corresponding to a fully diluted valuation of about $34 million.

About 45% of the funds came from institutional investors, with ten funds participating, including Galaxy Ventures, Digital Currency Group, Draper Associates, RenGen, Alpha EV, Maven 11, and Eon Capital, along with nearly 700 individual bidders. Umia stated that these funds had the same terms as other bidders, did not receive discounts, and no investors were granted board seats, observer roles, or advisory positions. The auction took place from August 26 to September 2 on Base, using Umia's version of Uniswap's continuous liquidation auction, with a minimum target of $2 million and a maximum token price of $0.36.

Umia places the intellectual property, operational team, and treasury of each project under the same legal structure associated with the tokens, rather than being dispersed among companies, foundations, and DAOs.