Crypto Data Firm Raises $69,420,000 At $1-Billion Valuation

Dune Analytics, a web3 analytics platform that lets users create and use dashboards from Ethereum ETH/USD smart contract data, has achieved unicorn status after its latest round of funding.

What Happened: The firm raised $69,420,000 — a number that bears significance in meme-focused communities like the crypto space — in a Series B round led by Coatue.

The round also saw participation from existing investors such as Multicoin Capital and Dragonfly Capital.

Dune’s platform supports data queries for five blockchains: Ethereum, Polygon MATIC/USD, Optimism, Binance Smart Chain, and xDAI, with plans to incorporate all Layer-1 and Layer-2 smart contract platforms.

“In legacy finance, only insiders get access to valuable data. Dune supports the next generation of analysts who will neither wear suits nor work for investment banks. Instead, these pioneers will have quirky animals as profile pictures and collaborate openly across the world,” said Dune Analytics co-founder and CEO Fredrik Haga.

“Being a Dune Wizard will be both more fun and profitable than being a Wall Street analyst.''

Crypto-related businesses are quickly becoming a key focus area for venture firms. Last month, Silicon Valley-based Andreessen Horowitz said it had raised $4.5 billion for a new series of crypto funds.

More recently, crypto exchange FTX closed a $400-million Series C funding round at a $32-billion valuation. At the time of writing, FTX’s valuation was about three times the current capitalization of major retail-focused online brokerage Robinhood Markets Inc. HOOD.

Photo by James Lee on Unsplash.