Blockchain development platform QuickNode has completed a $60 million Series B funding round at an $800 million valuation led by 10T Holdings. Per a press release on Tuesday, the fundraiser also saw participation from Tiger Global, Seven Seven Six, Protocol Labs, QED, and others.
Fueling Blockchain Adoption
The blockchain development platform said the fresh capital will boost its global expansion plans and “empower the builders laying the groundwork for a decentralized, globally-connected future.”
“With this funding, QuickNode will help streamline the Web2 to Web3 movement at scale by providing developers with the education, performance, reliability, and deployability required to onboard the next billion blockchain users,” QuickNode added.
The funding comes about 15 months after the company raised $35 million in a Series A funding round led by Tiger Global. QuickNode said its user base grew 400% at the time and increased its workforce by hiring more than 90 workers across eight countries.
Founded in 2017, QuickNode is a Web 3 infrastructure platform that helps developers and businesses build, launch, and scale blockchain-powered applications. QuickNode provides an infrastructure to over 16 blockchains, including Ethereum, Arbitrum, Optimism, Polygon, BNB Chain, and Solana.
QuickNode Revenue Surges 300%
The company claims it “successfully handles billions of blockchain calls daily, with a 2X faster response time than competitors and 99.99% uptime.” QuickNode’s revenue saw a 300% increase over the past year.
“Many of our customers have said it best ‘In a bear market we build’ and we’ve been thrilled with the adoption we’re seeing on QuickNode, especially over the last few months,” said Alex Nabutovsky, CEO and CEO co-founder of QuickNode.
Meanwhile, the latest raise comes as venture capital (VC) investment in the sector has slowed down due to the market crisis that started in early 2022. However, Web3-focused projects have continued to attract investors. Recently, Hong Kong-based VC firm Hashkey Capital raised $500 million to build Web 3 applications.
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