Blockchain developer platform Alchemy announced that Quotes and Additions, led by Lee Fixel’s new fundraiser, has raised $80 million in Series B round funding. The company had previously raised a total of $15.5 million, so the latest funding has taken it to a total of $95.5 million since its launch in 2017. The latest round has caught our attention for a number of reasons. First, the company, which describes itself as the backend technology behind the blockchain industry, went from a public launch to a $505 million valuation in just eight months.
During that time, Alchemy said it made more than $30 billion in transactions for millions of users worldwide. Second, the startup says it is already strengthening most of the NFT industry. And finally, its investors in this round include a high profile mix of organizations and individuals such as DFJ Growth, K5 Global, Chainsmokers, actor Jared Leto, and the Glazer family (owners of Tampa Buccaneers and Manchester United).
They include Jerry Young, co-founder and former chief executive of Yahoo, Pantera Capital, Coinbase, Signal Fire, Samsung, Stanford University, Google chairman and Stanford University president John L. Hennessy, Charles Schwab, LinkedIn co-founder Reed Hoffman and others were in attendance. Sources of insider knowledge of Alchemy’s activities told TechCrunch that the company has already grown its business eightfold since signing the Series B terms.
They added that Alchemy had more than $300 million in investor demand that they wanted to enter the round and that the current valuation was being forced to “multiply” one more financing task. Nickel Viswanathan (CEO) and Joe Lou (CTO), co-founders of TechCrunch Alchemy, spoke and their passion for the startup’s mission was clear, such as its explosive growth.
“We understand that in order for the space to be fully developed and to develop its full potential, we need to create a developing platform level for our blockchain,” Viswanathan told blockchain. Alchemy aims to be the first place for developers to consider creating a product on top of blockchain or mainstream blockchain applications. The goal of its developer platform is to eliminate infrastructural complexities and costs when developing applications through “necessary” developer tools.
The startup empowers almost every blockchain to transact vertically, including financial institutions, exchanges, billion-dollar decentralized finance projects, and multinationals such as UNICEF. It has quickly become the technology behind every major NFT platform, including Makersplace, OpenSea, Nifty Gateway, SuperRare and CryptoPunks.