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Alchemy, one of the leading infrastructure providers for blockchain and web3, has raised $250 million in its series C funding round, giving it a valuation of $3.5 billion. The round was led by a16z, which considers we are at a turning point in the web3 space. The company has multiplied its revenue by 15x in the last six months, a testament to the impact it has caused on the ecosystem.
Alchemy Reaches $3.5 Billion Valuation
Alchemy, a web3 and blockchain infrastructure provider, has reached a milestone by raising $250 million in its series C funding round. The round was led by known VC companies a16z, Lightspeed, and Redpoint, with the participation of Coatue, Addition, DFJ, and Pantera as well. With this new funding round, Alchemy reached a valuation of $3.5 billion, an outstanding value for a company that was publicly launched just a little more than a year ago.
The company, that compares its role in the blockchain ecosystem with the role of AWS in the current internet structure, has benefited enormously from the current bull market and the expansion of decentralized finance.
This growth has caused a 15x increase in revenues for the company since six months ago. This is because Alchemy offers a vertical suite of technologies that can be leveraged by several institutions in the spectrum, including financial protocols, NFT platforms, exchanges, and even multinational companies.
Ali Yahya, the general partner of A16Z, stated this moment is key for making investments in web3 infrastructure. In this sense, he stressed:
We’re at a very unique time in the evolution of web3. The space is finally graduating from its infrastructure phase. With the help of companies like Alchemy, it is now capable of supporting real-world applications for mainstream audiences.
Growing the Ecosystem
Alchemy will reportedly use the funds to further grow the ecosystem by extending the reach of its tools for more web3 developers worldwide. This includes strengthening the infrastructure around web3 services and building educational material to make it easier for future developers to be onboarded.
It will also expand globally, by funding the creation of new offices all around the world. Joe Lau, co-founder, and CTO of Alchemy thinks that blockchain and Web3 are just beginning their journey into the mainstream. Nikil Viswanathan, co-founder, and CEO of Alchemy stated:
We’re excited to continue investing in making blockchain accessible to developers globally. Empowering developers is the key to bringing the magic of blockchain to the world.
What do you think of Alchemy’s latest funding round? Tell us in the comments section below.
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This article shown on news.bitcoin.com bitcoin.comAuthor Sergio Goschenko on date 2021-10-31 11:00:47bitcoin.com Digital money that’s instant, private and free from bank fees. Download the official Bitcoin Wallet app today, and start investing and trading in BTC follow for more