a16z-Backed Linaer Shuts Down Amid Funding Shortfall

Linaer, an a16z-backed Layer 1 blockchain project founded by former Meta researcher Mathieu Baudet, has ceased operations. The team cited insufficient funding as the reason for the shutdown.

Linera raised approximately $12 million across two rounds in 2022 and 2023, with a16z participating in both. Other notable backers included Borderless Capital, GSR, Matrixport Ventures, and Flow Traders.

The project's most recent attempt to raise funds through a community token sale on the Sonar platform fell short, attracting nearly $900,000 in commitments but missing the 1.5 million USDC minimum threshold required to proceed.