Business is booming.

‘AWS for blockchain’ Alchemy boosts valuation to $3.5B with $250M raise – TechCrunch


Exactly six months after raising $80 million at a $505 million valuation, blockchain and Web3 development SaaS startup Alchemy has raised $250 million in a Series C funding round that values the company at $3.5 billion.

Andreessen Horowitz (a16z) led the financing, which was extremely competitive with a number of large venture firms clamoring to not only back the company, but lead the investment, according to sources familiar with the transaction. 

Besides the fact that Alchemy increased its valuation by a staggering 7x over a six-month period (that’s a gain of more than $500 million in value per month), the round is notable for a few other reasons. For one, it represents one of a16z’s largest Web3/blockchain investments to date. In June, the firm revealed its $2.2 billion crypto fund, illustrating its serious commitment to the space. (For the unacquainted, Web3 refers to a set of protocols led by blockchain, that intends to reinvent how the Internet is wired in the backend).

What’s also interesting is that Alchemy has managed to achieve something that remains elusive for most startups: profitability.

According to CEO and co-founder Nikil Viswanathan, the company is in fact “very profitable.” It turned that corner over the past few months, he said, as demand for its offering has exploded and revenue grew 15x since its last raise in April. The startup has been doing so well that it hasn’t even touched the $80 million it raised in its Series B, according to Alchemy CTO and co-founder Joe Lau.

“All that money is still in the bank,” he said. “We didn’t need the money but we saw the value in bringing on great partners, such as Andreessen, which has an incredible team with deep technical expertise in the blockchain space.”

Put simply, Alchemy wants to do for blockchain and Web3 what AWS (Amazon Web Services) did for the internet. ​​The startup’s goal is to be the starting place for developers considering building a product on top of a blockchain or mainstream blockchain applications. Its developer tool aims to remove the complexity and costs of building infrastructure while improving applications through “necessary” developer tools. It launched its offering in August of 2020.

Today, Alchemy powers a range of transactions across nearly every blockchain vertical, including financial institutions, exchanges, billion-dollar decentralized finance projects and multinational organizations such as UNICEF. It has also quickly become the technology behind every major NFT platform, including MakersPlace, OpenSea, Nifty Gateway, SuperRare and CryptoPunks. Other customers include Dapper Labs, Axie Infinity, Fortune 500s building on blockchain such as the recently signed Adobe, PricewaterhouseCoopers. It also serves “the majority of DeFi.”

Alchemy powers over $45 billion in transaction volume for companies around the globe. That’s up from $30 billion at the time of its April raise. Since then, the company has also expanded the number of blockchains that it powers. 

“Our platform was more or less on Ethereum, but we’ve seen a lot of demand and have since expanded to include Polygon, Arbitrum, Optimism and Flow,” Lau said. 

Image Credits: Alchemy

Alchemy has also seen a lot of new developers, noted Viswanathan

“We’ve had many more teams and companies join Alchemy, and more developers per team or per company are using our platform,” he added. “So we’re seeing growth across all axes.”

Despite its explosive growth, Alchemy remains a lean team. It currently has 37 employees. It is based in San Francisco, with an office in New York and remote employees globally.

The company plans to use its new capital mostly to invest in building a community around blockchain. Alchemy started at the right time, in the execs’ view — in 2017 when the market was tiny and many still doubted the opportunity in the space.

“Our ultimate goal is to bring the promise of blockchain to life,” Lau said. “We want to fulfill its potential by creating more resources for developers to come into the space and more effectively and more quickly build blockchain products.”

Viswanathan believes Alchemy is playing a crucial role in the recent surge and popularity of blockchain.

“As blockchain has been growing, not only has Alchemy grown, but we have helped the blockchain ecosystem grow because,” he told TechCrunch. “It’s this kind of virtuous cycle — the more we provide better tooling, the easier it is for developers to build products, and then more users come, so then more developers come and we make the tooling better, and so on and so forth. So we like to think of ourselves as helping spin that flywheel.”

Image Credits: Alchemy

Ali Yahya, general partner at Andreessen Horowitz (16z), described Alchemy as “a key driver” of the growth of blockchain and Web3, and said the startup is already “the de facto developer platform” for Web3.

“Just as Microsoft and AWS built platforms that powered the computer and internet industries, Alchemy’s platform enables developers to build blockchain products used by millions globally,” he wrote via email, adding that Alchemy’s growth across all relevant metrics has been “staggering.”

Google chairman and former Stanford University President John L. Hennessy — who invested in the company’s last round — echoed Yahya’s sentiments. But he also made another, noteworthy comparison:

“Alchemy is powering the growth of the blockchain industry the same way Amazon Web Services did for the cloud,” he wrote via e-mail. “The excitement about their technology reminds me of the early days of Google.”

The Series C financing also included participation from new investors Lightspeed Venture Partners and Redpoint. Existing backers Coatue, Lee Fixel’s Addition, DFJ and Pantera Capital doubled down on their investments in Alchemy, which has now raised about $345 million in total since its 2017 inception.

Other previous investors in the company include the Chainsmokers’ Mantis, actor Jared Leto and the Glazer family (owners of the Tampa Bay Buccaneers and Manchester United), Yahoo co-founder and former CEO Jerry Yang, Coinbase, SignalFire, Samsung, Stanford University, Charles Schwab, LinkedIn co-founder Reid Hoffman and others.

Source link

  1. online casinos us players says

    I have been browsing online more than three hours today, yet I never found any interesting article like yours.
    It is pretty worth enough for me. Personally, if all web owners and bloggers made good content as you did, the internet
    will be much more useful than ever before.|
    I could not refrain from commenting.
    Perfectly written!|
    I will right away clutch your rss as I can’t find your email subscription hyperlink or e-newsletter service.

    Do you’ve any? Kindly permit me understand so that I may
    just subscribe. Thanks. |
    It’s appropriate time to make some plans for the future and it’s
    time to be happy. I’ve read this post and if I could I wish to suggest you some interesting things or suggestions.
    Maybe you can write next articles referring to this article.

  2. click says

    Wow, attractive website. Thnx …

  3. Situs Judi Online says

    Pretty! This has been a really wonderful article.
    Many thanks for providing these details.

  4. Click here says

    Quality posts is the main to interest the viewers to go to see the site,
    that’s what this web site is providing.

  5. ป๊อกเด้งออนไลน์UFABETยอดนิยม says

    There’s definately a lot to know about this subject.
    I like all the points you have made.

  6. 8 says

    Have you ever considered creating an e-book or guest authoring on other sites?
    I have a blog based on the same ideas you discuss and would love to have you share some stories/information.
    I know my viewers would value your work. If you’re even remotely interested,
    feel free to send me an email.

  7. aimbot for warzone says

    When I originally commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added
    I get three e-mails with the same comment. Is there any
    way you can remove me from that service? Bless you!


    Having read this I thought it was extremely enlightening.
    I appreciate you spending some time and effort to put this information together.
    I once again find myself spending a lot of time both reading
    and commenting. But so what, it was still worth it!

  9. sites says

    Having read this I thought it was extremely enlightening.
    I appreciate you spending some time and effort to put this
    article together. I once again find myself spending a significant
    amount of time both reading and leaving comments.
    But so what, it was still worth it!

  10. homepage says

    Hi, i think thaqt i saw you visited my web site thus
    i came to “return thee favor”.I’m trying too fund things
    tto improve my website!I suppose its ok to use somee off your ideas!!


  11. click says

    I love reading your website. With thanks!

  12. cfa level 2 mock exam undertaker says

    Hi! I’m at work surfing around your blog from my new iphone!
    Just wanted to say I love reading through your blog and look forward
    to all your posts! Carry on the fantastic work!

  13. dungreed cheats says

    Hello there! This is kind of off topic but I need some advice from an established blog.
    Is it tough to set up your own blog? I’m not very techincal but I can figure things out pretty fast.

    I’m thinking about making my own but I’m not sure where to
    begin. Do you have any ideas or suggestions?
    Thank you

  14. สล็อตแตกง่าย says

    Hello! I just wanted to ask if you ever have any problems with hackers?

    My last blog (wordpress) was hacked and I ended up losing a
    few months of hard work due to no backup.
    Do you have any methods to protect against hackers?

  15. relevant backlink says

    Generally I Ԁߋn’t learn article on blogs,
    Ьut Ӏ wish to ѕay that thiѕ write-ᥙp verʏ compelled mе tо take a look at and
    do it! Your writing taste has been amazed me.
    Τhank үⲟu, quіte ցreat post.

  16. boiler repair in leeds says

    Have you ever thought about creating an e-book or guest authoring
    on other sites? I have a blog based upon on the same information you discuss and would really like to have you share some stories/information. I know my readers would enjoy your work.
    If you’re even remotely interested, feel free to send me an email.

  17. asian303 says

    I’ve been surfing online more than 3 hours lately, yet
    I never found any interesting article like yours. It’s beautiful
    worth sufficient for me. Personally, if all webmasters and bloggers made just right content as you probably did, the web can be a lot more helpful than ever before.

  18. Call of Duty: Warzone hacks says

    I every time spent my half an hour to read this web site’s articles or
    reviews all the time along with a mug of coffee.

  19. Florence says

    Hello There. I found your blog using msn. This is a very well written article.
    I will be sure to bookmark it and come back to read more of your useful information. Thanks for the post.
    I’ll definitely return.

  20. golf rivals cheats says

    wonderful issues altogether, you just won a new reader.
    What might you recommend about your publish that you made some days ago?

    Any sure?

  21. dha examination says

    I really like what you guys are usually up too. This sort of clever work
    and reporting! Keep up the terrific works guys I’ve added you guys to my personal blogroll.

  22. รีวิวเกมสล็อต Wild Bounty Showdown says

    Hey, I think your website might be having browser compatibility issues.

    When I look at your website in Chrome, it looks fine but when opening in Internet Explorer, it has some overlapping.
    I just wanted to give you a quick heads up! Other then that, awesome blog!

  23. asyabahis giris says

    Bireyler tarayıcıları internet üzerinden ücretsiz bir şekilde temin edebilmektedir.
    Asyabahis, Anatolian LTD BV şirketi tarafından kontrol ediliyor.
    Türk bahis severlerin nelere ilgi duyduğunu ve ne gibi kıstasları değerlendirdiğini çok iyi bilen bir platformdur.
    Dolayısıyla kaliteli bahsin ve casino oyununun nasıl mümkün olacağını analiz ederek bize bu şekilde
    ulaşıyor. Asyabahis platformu sadece sunduğu avantaj,
    oyun çeşitliliği gibi hizmetlerle değil üyelerin ihtiyacı olabilecek her konuda en hızlı şekilde üyelerine destek olurlar.
    Asyabahis platformunun sektörde de bahis severler arasında da güvenilir ve popüler siteler
    arasında yer almasının nedeni üyelerine vermiş olduğu değerden gelir.
    Şifresini unutan Asyabahis Platformu üyelerinin yapmasını gereken ise şifre denemesi
    yaptıktan sonra en altta yer alan şifremi unuttum sekmesini
    seçmektir. Seçimi yapan üyelerimizi karşısına çıkan bölüme mail adreslerini yazmaları gerekir.
    Mail adresini yazdıktan sonra ise üyemiz maillerini kontrol ederek
    platform üzerinden gönderilen linke tıklayarak hızlı bir şekilde yeni
    şifrelerini alabilirler. Canlı tombala oyunlarına katılabilmek için ideal adreslerinizden birisi
    haline gelecektir. İlk üyelik, para yatırma gibi bonusları da kazanarak casino oyunlarında kendinizi
    ispat edebileceğiniz platformlar arasında yer alacaktır.

  24. sushi food says

    Your method of telling all in this post is in fact fastidious,
    all be able to simply understand it, Thanks a lot.

  25. falcon view says

    Hi, after reading this remarkable post i am also happy to share
    my familiarity here with colleagues.

  26. asia88bet says

    These are genuinely great ideas in concerning blogging.
    You have touched some pleasant things here. Any way keep
    up wrinting.

  27. warzone cheats for pc says

    I really like what you guys tend to be up too.
    This kind of clever work and reporting! Keep up the good works guys I’ve added you guys to my own blogroll.

  28. Tin tuc Mat Kinh thoi trang says

    Hi, its good post about media print, we all know media
    is a wonderful source of facts.

  29. gọng kính cận nữa đẹp says

    I read this piece of writing completely regarding the comparison of most recent and previous technologies, it’s amazing article.

  30. situs togel terpercaya 2022 says

    I used to be able to find good info from your blog articles.

  31. book cfa level 2 question bank 2020 says

    Spot on with this write-up, I really think this website needs a great deal more attention. I’ll probably be back again to see more, thanks for
    the advice!

  32. diş tedavileri says

    I am regular visitor, how are you everybody? This article posted at this web site is truly good.

  33. SEO agency says

    I’d like to find out more? I’d like to find out
    more details.

  34. Beauty products says

    After looking over a number of the articles on your website, I truly appreciate your way of blogging.
    I saved as a favorite it to my bookmark webpage list and will be checking back soon.
    Please check out my website too and let me know what you think.

  35. leci 123 says

    Hola! I’ve been reading your website for some time now and finally got the courage to go ahead and give you a shout out
    from Atascocita Texas! Just wanted to tell you keep up the fantastic work!

  36. gerze avukat says

    Outstanding post however I was wondering if you could write
    a litte more on this topic? I’d be very grateful if you could
    elaborate a little bit further. Kudos!

  37. click here says

    Hey very nice web site!! Man .. Excellent .. Amazing ..

    I’ll bookmark your blog and take the feeds also? I am satisfied to search out numerous helpful info here in the submit, we’d like
    work out more techniques on this regard, thanks for sharing.

    . . . . .

  38. cheats says

    Hello, i think that i saw you visited my blog thus i came
    to “return the favor”.I’m trying to find things to enhance my web site!I suppose its ok to use some of your

  39. click says

    Great looking internet site. Assume you did a great deal of your very
    own coding.

  40. igg games europa universalis iv says

    My brother recommended I might like this blog. He was entirely right.
    This post actually made my day. You can not imagine just how much
    time I had spent for this info! Thanks!

  41. เว็บบทความ says

    Attractive portion of content. I simply stumbled upon your
    weblog and in accession capital to say that I acquire in fact loved account your weblog
    posts. Any way I will be subscribing to your augment and even I fulfillment you get admission to constantly quickly.

    Here is my web page :: เว็บบทความ

  42. online porn video says
  43. как уснуть после амфетаминав Казахстане- says

    Какие грибов выкупить новичку психонавту
    насчет психодислептических грибах подобает пузыри пускать неблагоприятно, ведь и у данной медали как не
    быть исподняя сторона. в течение центре ХХ вежд, когда-когда псилоцибин энергично проверялся точь в точь независимое фенил,
    его употребляли к исцеления наркомании, тревожных расстройств, депрессии.
    С его подмогой делали лучше качество жизни недужным покорность бери свежих стадиях болезни,
    ликвидировали предсуицидальное нахождение, приходить
    на выручку пациентом алкоголизмом.

    Новые открытия в медицинской области
    итак толчком буква тому, что почти многие гроверов
    кончили заказать споры псилоцибиновых грибов (а)
    также хлебнуть себя во свежей образа миколога.
    иду пду пдходят представители семейства Psylocibe Cubensis.
    Их едва ощутимо возделывать, данные штаммы страсть задерживает квалифицированная немочей, слышишь ли аннона тешит не только счетом самих грибов,
    и еще содержанием псилоцибина.

  44. Ndyxon says

    buy levaquin 500mg online order levaquin

  45. Uhaarq says

    purchase avodart generic avodart drug zofran 8mg without prescription

Leave A Reply

Your email address will not be published.