Alchemy raises $ 250 million in a funding round led by Andreessen Horowitz

Blockchain-based web services company based in San Francisco, Alchemy on Thursday announced a $ 250 million Series C funding round led by Andreessen Horowitz, bringing the current value to $ 3.5 billion.

The announcement follows a $ 80 million Series B in late April that saw the startup valued at $ 505 million. Pantera Capital, Redpoint, Lightspeed Venture Partners, Coatue, DFJ and Lee Fixels Addition also took part in the fundraiser. According to founders Nikil Viswanathan and Jon Lau, the company is “very profitable” and has not yet spent that money, but plans to use the capital injection to build a community around the blockchain.

Alchemy was founded in 2017 but didn’t launch their product until August 2020. According to a TechCrunch note The company’s thirty-seven employees now serve clients including all major non-fungible token (NFT) platforms, UNICEF, Adobe and PricewaterhouseCoopers, with a transaction volume of over USD 45,000 million.

Alchemy raises $ 250 million in a funding round led by Andreessen Horowitz
Alchemy raises $ 250 million in a funding round led by Andreessen Horowitz

The company wrote about the announcement on its blog:

“Alchemy is doing for Blockchain and Web3 technology what AWS did for the Internet. It gives developers the tools they need to easily and efficiently build mainstream blockchain applications and help them turn their ideas into successful businesses. “

Alchemy currently has two offices (one in New York and one in San Francisco) but has announced plans to open more in the United States and abroad.

Viswanathan and Lau, who are also the company’s CEO and CTO, visited Stanford University and worked at Google before embarking on this project. Investors in the early rounds of funding include celebrities like Jay Z and Will Smith and Yahoo founder Jerry Yang. “Developer empowerment is key to bringing blockchain magic to the world,” Viswanathan wrote in a statement at the time.

Alchemy previously announced its partnership with the blockchain entertainment platform Flow on March 25th. Cointelegraph also reported in July that the company is developing new tools to transform blockchain development.

Mid-June, Andreessen Horowitz has launched a $ 2.2 billion fund focused on investing in cryptocurrencies. At the time it was the oldest of its kind.

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