Shiba Inu, known for its memecoin SHIB, has secured $12 million in a fundraising round for its upcoming blockchain initiative. The fundraising attracted investment from international venture capital investors, including Polygon Ventures, Mechanism Capital, and Animoca Brands. These funds will support the development of TREAT, a new token that is part of Shiba Inu's privacy-focused Layer 3 blockchain, built on Shibarium, their Ethereum Layer 2 solution.

The fundraising process was split into pre-seed and seed rounds, achieving valuations of up to $200 million. While some investors are U.S.-based, lead developer Shytoshi Kusama clarified that all participating entities are non-U.S. This distinction may have implications related to regulatory compliance and jurisdictional considerations.

Alongside TREAT, Shiba Inu plans to introduce another token, Shi, later this year. These initiatives demonstrate Shiba Inu's commitment to innovation and expansion beyond its memecoin origins. With the support of established venture capital investors, Shiba Inu aims to advance its development and bring its vision for a privacy-focused blockchain to reality.