Umia raises $6.11 million in token auction
Umia raised $6.11 million by selling its own token, setting an $18 million launch valuation as it prepares to offer the same fundraising tools to crypto projects.
Crypto startup Umia raised $6.11 million by selling its own token, a first test of the fundraising system it plans to offer other projects. The seven-day sale valued the project at $18 million on a fully diluted basis, which estimates the value of all tokens at the sale price. The Block’s report says the auction sold 17.3 million UMIA tokens, or 34.6% of the total supply.
How did Umia raise the money?
The auction ran on Base, an Ethereum-linked network, from Aug. 26 to Sept. 2. Umia used a version of Uniswap’s Continuous Clearing Auction, which sets a sale price as bids come in. The token price capped at 36 cents, matching the $18 million valuation. Tokens sold in the auction had no lockup and were available to trade at launch, according to Umia co-founder and CEO Francesco Mosterts, who spoke to The Block.
Ten funds took part, including Galaxy Ventures, Digital Currency Group and Draper Associates. Mosterts told The Block that institutional investors provided about 45% of the money, while nearly 700 individual bidders also joined. The company said funds paid the same terms as other bidders and received no discounts. Umia put 20% of the sale proceeds into a liquidity pool for trading UMIA against USDC, a dollar-pegged token, and sent the rest to its treasury.
What will the platform offer other projects?
Umia says it will provide a legal structure, a public token auction and a treasury governed through decision markets. In those markets, traders back proposals with funds; the option with the highest time-weighted average price can then be carried out onchain. Umia’s own smart contracts release $120,000 a month for development. Spending above that allowance must go through a decision market, The Block reported.
The company’s official site describes the platform as a way for projects to launch, raise money and govern their treasuries. The Block reported that Umia had selected three outside projects, with the first, Slop.cash, expected to launch later in the fourth quarter of 2026.
What remains uncertain about the launch model?
The sale shows that Umia attracted funding for its own token, but it does not yet show whether other projects can raise money through the platform. The Block reported that Mosterts acknowledged token holders’ influence over board-level decisions could reduce founders’ control, while a liquid token could encourage teams to focus on short-term price moves. The results of Umia’s first outside launches remain to be seen.
References
- The Block’s report — theblock.co
- official site — umia.finance