When San Francisco-based Alchemy closed a $250 million series C in October, the blockchain development platform became the latest crypto-corn at a $3.5 billion valuation.
However, it was far from done.
So what exactly does the company do? Well, some bill it as the AWS of blockchain in the sense that it provides tools and hosting for those wanting to transact on blockchain and Web3—just as Amazon did for those that wanted hosted businesses on the cloud.
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It’s basically a big infrastructure play for decentralized applications—and investors love big infrastructure plays anywhere.
“We believe we’re just in the first inning of Web3 and blockchain, and we’ll be using this new round of financing to double down and continue to invest in the ecosystem that we all share,” said Nikil Viswanathan, co-founder and CEO, in a blog post.
Founded in 2017, the company has now raised nearly $564 million, according to Crunchbase data. While that number is eye-catching alone, the data also shows that venture-backed companies in the blockchain sector as a whole have now raised $2.7 billion just since the start of the year.
With valuations tripling in four months, maybe it shouldn’t be that surprising.
Illustration: Dom Guzman
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