ChainCatcher news, reported by Businesswire, Nasdaq-listed company Heritage Distilling announced the completion of a $220 million financing, with participation from a16z crypto, Amber Group, Arrington Capital, dao 5, Hashed, Mirana Ventures, Neoclassic Capital, Open World, Polychain Capital, Selini Capital, Stix, Syncracy Capital, and others.

The company will allocate $82 million to purchase IP tokens to establish an IP token reserve.