Umia secures $6.11 million in UMIA token auction
Umia, a platform designed to assist crypto projects with token issuance and governance, has successfully raised $6.11 million through a token auction. The seven-day sale of its native UMIA tokens concluded with a fully diluted valuation of $18 million, according to Umia CEO Francesco Mosterts. A total of 17.3 million tokens, representing 34.6% of the total supply, were sold during the event, with all tokens unlocked immediately upon issuance.
As of the latest data from CoinGecko, the UMIA token is trading at approximately $0.68, pushing its fully diluted valuation to around $34 million. The auction, held from August 26 to September 2 on the Base network, utilized Umia's version of the Uniswap continuous Dutch auction format. The minimum target for the sale was $2 million, with the highest token price capped at $0.36.
The funding round attracted significant institutional interest, with 45% of the proceeds coming from ten venture funds. Notable participants included Galaxy Ventures, Digital Currency Group, Draper Associates, RenGen, Alpha EV, Maven 11, and Eon Capital. Additionally, nearly 700 individual bidders participated in the auction. Umia emphasized that all investors, including the funds, received identical terms without any discounts or special privileges such as board seats or advisory roles.
Umia distinguishes itself by consolidating each project's intellectual property, operational team, and treasury under a single legal framework tied to its token, rather than dispersing them across multiple entities like companies, foundations, or decentralized autonomous organizations (DAOs).