Many cryptocurrency detractors claim that the web3 space is driven by meme money, so Coatue leading a $69,420,000 Series B in a blockchain startup shouldn’t leave them too surprised.
The investment – made in the crypto analytics platform Dune Analysis — raises the startup’s valuation to $1 billion. The crowdsourced data platform has grown to become one of the most favored panels analyzing movements in the cryptocurrency world. Multicoin Capital and Dragonfly Capital also participated in the deal for the 16-employee startup.
Blockchains store vast amounts of transaction data and platforms like Dune are looking to help investors extract more information from this data by analyzing movements on the Ethereum, Polygon, Optimism, Binance Smart Chain and xDAI blockchains.
“There is a ton of insights in crypto data, but without skilled and incentivized analysts, along with great tools, this information will remain hidden beneath the surface,” one says. blog ad of the founders of Dune reads. “With this funding, we are doubling down on our mission of making cryptographic data accessible and we are committed to bringing one million Dune Wizards to the web3.”
coat’s cool The investment follows an $8 million Series A in Dune Analytics last August.