Erik Voorhees defended the terms of Venice’s $65 million Series A token deal after critics argued the structure underpriced the VVV token.

According to NS3.AI, Voorhees said investors could ultimately pay up to $131 million for 6.5 million locked VVV tokens if they choose to exercise an attached option.

The financing structure includes 1.5 million VVV tokens that vest, along with an option to purchase an additional 5 million VVV tokens. Voorhees said all tokens in the deal are locked for four years.