Lava Foundation, a newly formed non-profit for the development of the modular blockchain network Lava, has raised $11 million in a funding round ahead of the network's mainnet launch and token airdrop.

Investors in the round included Animoca Brands, Gate.io Ventures, CoinGecko Ventures, Polygon co-founder Sandeep Nailwal, Ash Crypto, CryptoLark, and media outlets Crypto Times Japan, Le Journal Du Coin and The Rollup, among other investors, Lava Foundation said Tuesday.

This is the first time the foundation is being publicly introduced, Amir Aaronson, head of the foundation, told The Block. The funding round was realized via a simple agreement for future tokens or SAFT, Aaronson said, declining to comment on the valuation.

Lava Foundation's funding round comes shortly after MagmaDevs …