Alchemy bolsters valuation to $3.5B with $250M raise
By MYBRANDBOOK
Blockchain and Web3 development SaaS startup Alchemy has raised $250 million in a Series C funding round that values the company at $3.5 billion. According to sources, Andreessen Horowitz (a16z) led the investment.
Besides the fact that Alchemy increased its valuation by a staggering 7x over a six-month period (that’s a gain of more than $500 million in value per month), the round is notable for a few other reasons. For one, it represents one of a16z’s largest Web3/blockchain investments to date. In June, the firm revealed its $2.2 billion crypto fund, illustrating its serious commitment to the space. (For the unacquainted, Web3 refers to a set of protocols led by blockchain, that intends to reinvent how the Internet is wired in the backend).
According to CEO and Co-Founder Nikil Viswanathan, the company is in fact “very profitable.” It turned that corner over the past few months, he said, as demand for its offering has exploded and revenue grew 15x since its last raise in April. The startup has been doing so well that it hasn’t even touched the $80 million it raised in its Series B, according to Alchemy CTO and Co-founder Joe Lau.
He said, “All that money is still in the bank. We didn’t need the money but we saw the value in bringing on great partners, such as Andreessen, which has an incredible team with deep technical expertise in the blockchain space.”
Alchemy wants to do for blockchain and Web3 what AWS (Amazon Web Services) did for the internet. The startup’s goal is to be the starting place for developers considering building a product on top of a blockchain or mainstream blockchain applications. Its developer tool aims to remove the complexity and costs of building infrastructure while improving applications through “necessary” developer tools.
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