POPA Recona16z-Backed Linera Shuts Down Over Funding
a16z-Backed Linera Shuts Down Over Funding Linera is shutting down immediately, the a16z-backed Layer 1 blockchain told its community, citing insufficient funding to keep operating. Its token sale on Sonar drew nearly $900K in commitments but missed the minimum threshold, so all contributions were refunded, and a last-ditch emergency funding push also failed. Founded by former Meta researcher Mathieu Baudet, Linera raised roughly $12M across two rounds in 2022 and 2023, with a16z backing both alongside Borderless Capital, GSR, Matrixport Ventures, and Flow Traders. The team is winding down i…
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