Shiba Inu (CRYPTO:SHIB), known for its canine-themed memecoin, has raised $12 million through a private token sale of its upcoming TREAT utility and governance token.

The funds raised will support the development of Shiba's privacy layer, TREAT, attracting a diverse group of investors including Comma 3 Ventures, Big Brain Holdings, and Cypher Capital, among others.

Notably, all investors in this round were from outside the United States, reflecting global interest in Shiba Inu's expansion and development.

The raised funds will aid in expanding the Shiba Inu network, potentially enhancing its offerings to the community.

Shytoshi Kusama, the project's anonymous core developer, highlighted the involvement of venture capital firms as crucial to broadening Shiba Inu's capabilities and reach, showcasing institutional support for meme-based digital assets.