Blockchain and Web3 development platform Alchemy announced today that it has raised $200 million in fresh funding, taking its valuation to $10.2 billion.
Alchemy Hits $10.2 Billion Valuation
The funding was led by global venture capital firms Lightspeed and Silver Lake. It also saw participation from existing partners including Andreessen Horowitz (a16z), Coatue, Addition, Pantera, and DFJ.
Launched in 2020, Alchemy is a developer platform that enables firms to build reliable decentralized applications. It powers billions of dollars of transactions.
Alchemy said it has “been laser-focused on helping developers build for Web3 by providing tools and services that support both new builders and experienced developers alike.”
Back in October 2021, the firm announced a $250 million raise in series C funding led by a16z at a $3.5 billion valuation. The crypto startup has seen significant growth since then.
The company has seen a threefold growth in the number of firms building on its network. The number of on-chain transaction value powered by Alchemy has also increased from $45 billion in October to $105 billion.
Fostering Web3 Adoption
The firm noted that the fresh capital will be used to drive Web3 mainstream adoption.
Commenting on the development, Nikil Viswanathan, co-founder and CEO of Alchemy, said:
“2021 was the year developers took Web3 mainstream and created businesses that are transforming the lives of millions. In 2022, we’ll be doubling down on our commitment to supporting developers globally, making it easier than ever to unlock the potential of Web3.”
Meanwhile, venture capitalists continue to dive deeper into the crypto industry as they continue betting big on the asset class. In 2021, venture capitalists invested over $33 billion in crypto and blockchain startups, which is higher than the amount of all previous years combined.
Just yesterday, Korea Management LP, SoftBank Vision Fund 2, a16z, Tiger Global, Samsung Next, and others injected $200 million into Aleo’s coffers.
