a16z-Backed Linera Shuts Down After Token Sale Falls Short

a16z-backed Layer-1 project Linera has shut down due to insufficient funding. Its token sale on Sonar attracted nearly $900,000 in commitments but missed the minimum threshold of $1.5 million.

The team refunded all contributions and sought emergency financing to continue development toward mainnet, but those efforts also failed.

Linema raised approximately $12 million across two funding rounds announced in 2022 and 2023. The first $6 million round was led by a16z Crypto in 2022, while the second $6 million round was led by Borderless Capital in 2023.

The project's architecture focused on microchains designed to support scalable blockchain applications. However, the project's earlier venture funding did not provide enough runway to reach its planned mainnet launch, and the failed token sale further reduced its ability to continue development.