Bitkraft Ventures Leads $12M Series A for Solana-Based L2 Sonic

The fundraising values the blockchain-gaming-focused layer 2 at $100 million according to founder and CEO Chris Zhu.
Image source: Sonic

Quick take:

  • The fundraising also attracted participation from Galaxy Interactive and Big Brain Holdings.
  • Bitkraft Ventures’ leading role in the round also sees it join Sonic’s board. 
  • Sonic has now raised $16 million in total following a $4 million seed round announced in 2022.

Solana-based layer 2 Sonic has completed a $12 million Series A round led by Bitkraft Ventures. The fundraising also attracted participation from Galaxy Interactive and Big Brain Holdings, among others.

The Series A round was structured as equity with token warrants according to Sonic founder and CEO Chris Zhu, and values the blockchain-gaming-focused chain at $100 million. The round brings the total raised to $16 million following a $4 million announced in 2022.

According to the announcement, Bitkraft will join Sonic’s board as part of the deal, The Block reported.

Mirror World Labs (MWL) is developing Sonic. They are the legal entity behind the HyperGrid Framework technology, which leverages Solana rollups to enable horizontal scaling. 

The technology allows developers to deploy decentralised applications from Ethereum Virtual Machine to Solana seamlessly, the company said in a statement on Tuesday.

The seamless integration enables Sonic to provide “an exceptionally fast on-chain game experience, powered by Solana Virtual Machine (SVM), at minimal cost,” Zhu said.

Justin Swart, principal at Bitkraft Ventures is optimistic about the SVM, adding that he expects it to become “the go-to destination for any gaming studio that wants to build games within the Solana ecosystem.”

This announcement comes ahead of Sonic’s planned launch of its incentivized testnet campaign called “Odyssey” later this week. The testnet will support among other functions, playing games and sending transactions, with their gaming activity earning them “rings” as rewards, Zhu said.

According to Zhu, rings represent points in the game. Although they are not directly convertible to Sonic tokens, contributors will still be rewarded in some way, he said.

The company’s native token is scheduled for launch alongside the mainnet in the third quarter of 2024.

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