Fogo Chain, a high-speed Solana-based Layer 1 blockchain, raised $8 million in under two hours via Cobie’s angel investing platform Echo.
Backed by 3,000+ investors and major crypto players, the raise values Fogo at $100 million.
With cutting-edge tech and decentralization in focus, Fogo aims to redefine onchain finance.
✨ Content Highlights
- Fogo raised $8M in under 2 hours via Cobie’s Echo platform
- $100M fully diluted token valuation
- Over 3,000 angel investors participated
- Key backers: Cobie, CMS Holdings, Larry Cermak, Kain Warwick
- Built on Solana Virtual Machine (SVM) framework
- Utilizes Firedancer validator client for real-time transaction processing
- Claims over 54,000 TPS in devnet
- Mainnet expected in Q2
- Aims to deliver institutional-grade onchain finance
In a world where speed, community, and vision often determine the future of innovation, Fogo—a new Solana Virtual Machine (SVM)-based Layer 1 blockchain—has stepped into the light with a thunderous beginning that speaks not only to technical brilliance but to the spirit of collective ownership and resilience.
On a recent Thursday evening, in what felt like a symbolic moment for the crypto community, Fogo Foundation raised $8 million in under two hours.
The round wasn’t just about capital—it was a powerful tribute to what happens when community and innovation unite.
A Tribute to the Power of Many
Fogo’s story is as much about people as it is about performance.
At the heart of this funding moment is Echo, the angel investing platform founded by Jordan Fish, better known as Cobie.
With unwavering support from Echo groups—The Echonomist led by Cobie himself ($6M), 4 Ventures by CMS Holdings ($1M), Big Brain Collective led by The Block’s Larry Cermak ($500K), and Patrons led by DeFi pioneer Kain Warwick ($500K)—Fogo’s vision was not only seen, but believed in, deeply.
Robert Sagurton, a co-founder of Fogo and former Jump Crypto executive, spoke to The Block about the journey.
For him, this was more than just numbers.
It was a message. “Fogo will give Nasdaq a run for its money, all while being respectfully decentralized,” he said.
Honoring the Community Over Capital
In a heartfelt statement, Cobie reflected on what this moment meant to him and the broader vision of community-led ecosystems:
“Fogo is interesting because the community, via Echo, actually owns more % supply of Fogo than VCs do. That hasn’t happened before in a deal led by me at least. But it is a nice trend to be observing… I am happy that the Echo experiment is playing a small part.”
His words carry the weight of someone who has witnessed many projects—but rarely one like this.
A project where over 3,000 angel investors are not just silent backers, but emotional stakeholders in a decentralized future.
Legacy in the Making
Fogo isn’t just a technical marvel—it’s a continuation of a legacy.
Built on the Solana Virtual Machine (SVM), Fogo isn’t aiming to be a clone. It’s daring to push further.
The SVM’s parallel transaction execution already puts it steps ahead of sequential Ethereum models.
But Sagurton, with his deep Jump Crypto roots, knows that speed isn’t everything. Integrity, decentralization, and resilience matter too.
That’s why Fogo will run Firedancer in its purest form—a high-performance validator client designed by Jump Crypto to scale blockchain capabilities radically.
It’s a poetic alignment that Sagurton, who served Jump as Global Head of Digital Asset Sales, would be the one to carry this forward in Fogo’s DNA.
Joining him is co-founder Douglas Colkitt, founder of Crocodile Labs and the mind behind Ambient Finance (formerly CrocSwap), who plans to bring Ambient to life on Fogo.
A Future Fueled by Vision
With over 54,000 transactions per second already achieved in devnet, Fogo’s performance speaks for itself.
The blockchain plans to launch its testnet in Q1 and follow swiftly with mainnet in Q2.
Whether the Fogo token will debut alongside mainnet remains under wraps—but one thing is clear: this is just the beginning.
This is not merely a startup raising money. It’s a movement honoring the power of community, the legacy of technological excellence, and the hope for a decentralized tomorrow.
Fogo promises to bring “institutional-grade finance onchain,” blending the sharp precision of Wall Street with the open embrace of Web3. And thanks to the heartfelt backing of thousands of believers, it just might.