Shiba Inu, the team behind the popular namesake memecoin, has raised $12 million by selling its unreleased token, TREAT, to non-U.S. venture capital investors. These investors include Polygon Ventures, Mechanism Capital, Big Brain Holdings, Shima Capital, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Stake Capital and Comma 3 Ventures, Shiba Inu said Monday.

However, some of these investors, such as Mechanism Capital and Shima Capital, appear to be headquartered in the U.S. When questioned, Shiba Inu's lead developer, known as Shytoshi Kusama, told The Block that none of the investors are based in the U.S., though full entity names may not be disclosed.

Shiba Inu began raising for the round a few months ago and concluded it earlier this month, Kusama said. He …