Crypto alchemy aws 250m series

As proof that web3 is not some passing trend, blockchain infrastructure startup Alchemy announced today that it has closed on a $200 million Series C1 equity round that values the company at $10.2 billion.

For the unacquainted, web3 refers to a decentralized web based on the blockchain.And put simply, Alchemy wants to do for blockchain and web3 what AWS (Amazon Web Services) did for the internet.

What is remarkable about this raise is the velocity at which Alchemy has managed to grow its valuation in a relatively short period of time. In October, the startup was valued at $3.5 billion aftera $250 million Series Cround. And in late April of 2021, the startup was valued at $505 million after an$80 million Series Binvestment. This means the startup has seen its value surge by nearly 3x since October and by a staggering19.8xsince last April — just a little over nine months ago.

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.

Its developer platform 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.

Since that time, profitable Alchemy has seen dramatic growth on its platform.
Sources familiar with internal happenings at Alchemy told TechCrunch that the startup has increased its user base by nearly 50% even just since it closed this latest round.

“Basically, the most important companies blowing up in crypto are powered by Alchemy, so by investing in Alchemy you get a broad index of the whole space,” one of those sources said. “The company basically powers the entire industry.”

Alchemy declined to reveal hard revenue figures but told TechCrunch that it has seenover 3X growth in the number of teams building on its platform since its October raise.

Crypto alchemy aws 250m series1

Crypto projects have exploded in 2021, and so have the blockchain infrastructure firms that power them. The latest example is Palo Alto-based Alchemy, which launched to the public barely a year ago and on Thursday announced a massive $250 million funding round.

Alchemy was founded by Stanford grads, Nikil Viswanathan and Joe Lau, who worked at Facebook and Pinterest before leveraging their Silicon Valley pedigree to build a fast-growing crypto company.
The pair like to describe Alchemy as the “AWS of blockchain”—comparing their company to Amazon’s ubiquitous cloud computing platform.

While Alchemy has an obvious interest in promoting the AWS comparison, the analogy is not inaccurate.

Crypto alchemy aws 250m series-03

A leading infrastructure providers for blockchain and web3, Alchemy, recently raised $250 million in its series C funding round, with a valuation of $3.5 billion. The round was led by a16z, which considers we are at a turning point in the web3 space.
The company has multiplied its revenue by 15x in the last six months, a testament to the impact it has caused on the ecosystem.

Alchemy, a web3 and blockchain infrastructure provider, has reached a milestone by raising $250 million in its series C funding round. The round was led by known VC companies a16z, Lightspeed, and Redpoint, with the participation of Coatue, Addition, DFJ, and Pantera as well.

Crypto alchemy aws 250m series-b

With this new funding round, Alchemy reached a valuation of $3.5 billion, an outstanding value for a company that was publicly launched just a little more than a year ago.

Alchemy, that compares its role in the blockchain ecosystem with the role of AWS in the current internet structure, has benefited enormously from the current bull market and the expansion of decentralized finance.

This growth has caused a 15x increase in revenues for the company since six months ago. This is because Alchemy offers a vertical suite of technologies that can be leveraged by several institutions in the spectrum, including financial protocols, NFT platforms, exchanges, and even multinational companies.

Ali Yahya, the general partner of A16Z, stated this moment is key for making investments in web3 infrastructure.

He said:

“We’re at a very unique time in the evolution of web3.

There are also tens of thousands of developers building new tools and services with blockchain.

“What we’ve seen is Alchemy really become the de facto platform for developers to build on web3,” Viswanathan said. “We’re super excited because we believe this year, the acceleration is turning web3 from a fringe technology used by hobbyists to everyone using products powered by web3 even if they don’t realize it.”

The startup has helped power a number of giants, including OpenSea, Adobe, Dapper Labs and Crypto Punks, among others. It makes its money by charging for compute units. In other words, its customers pay Alchemy based on the amount of computing they use.

Now we have the real internet. We’re still in the baby web3 phase.” Alchemy CTO and co-founder Joe Lau told TechCrunch.

“When you look at the computer, the internet didn’t replace the computer,” he added. “It just added capabilities that weren’t possible before. Web3 isn’t going to replace Web 2 but rather extend the capabilities and experiences of Web 2.””

Despite being profitable and experiencing such rapid growth, Alchemy continues to raise hundreds of millions of dollars to basically ensure it can keep up with the rapid and widespread use and growth of web3, its founders say.

“We want to make sure we’re in a good position to basically help companies and startups as they grow,” Lau said.

“Last year we saw teams who started out on Alchemy become billion-dollar companies and support millions and millions of users all around the world.

The venture firms Lightspeed and Redpoint joined the Series C round as new investors, following earlier backers that include celebrities like Will Smith and Jay-Z.

According to Alchemy, the company has been making enough money that it hasn’t had to touch any of the $80 million it raised in a Series B round earlier this year.

The company’s big profits come in part from the outsize growth it’s enjoyed, including a 15-fold jump in revenue in the last six months. And in August, Alchemy laid the groundwork for further growth through a tie-up with another infrastructure provider, Polygon, that is focused on building DeFi applications.

All of this suggests that the stars have aligned in a remarkable way for Alchemy, and that the company is poised to dominate the niche of blockchain infrastructure.

The space is finally graduating from its infrastructure phase. With the help of companies like Alchemy, it is now capable of supporting real-world applications for mainstream audiences.”

Alchemy will reportedly use the funds to further grow the ecosystem by extending the reach of its tools for more web3 developers worldwide.

This includes strengthening the infrastructure around web3 services and building educational material to make it easier for future developers to be onboarded.

It will also expand globally, by funding the creation of new offices all around the world. Joe Lau, co-founder, and CTO of Alchemy thinks that blockchain and Web3 are just beginning their journey into the mainstream.

Nikil Viswanathan, co-founder, and CEO of Alchemy said:

“We’re excited to continue investing in making blockchain accessible to developers globally.

October. Meanwhile, the startup continues to operate with a “lean and mean” mentality. At the beginning of 2021, Alchemy had 13 employees. It now has just under 50.

Its ratio of valuation to number of employees is “one of the smallest teams to impact ratios in history,” believesNikil Viswanathan, co-founder and CEO of Alchemy.

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

The company’s impressive growth comes amid a volatile time in the crypto space, which has seen many ups and downs over the past year.

“You know you’re onto something special when your business continues to accelerate even though the market you operate in hits turbulence, and that’s exactly what’s happening with Alchemy,” said Amy Wu, partner at Lightspeed.

October 28, 2021, SAN FRANCISCO — Alchemy, the world’s leading developer platform for blockchain and Web3, today announced a $250M Series C round of funding, led by Andreessen Horowitz (a16z), valuing the company at $3.5B. Lightspeed and Redpoint are joining a16z as new investors, with additional participation from existing investors Coatue, Addition, DFJ, and Pantera.

As the leading platform for blockchain and Web3 developers, Alchemy has accelerated its growth as the industry has expanded, with revenues growing 15X in the last six months.

Alchemy is doing for blockchain and Web3 what AWS did for the internet. It provides developers with the tools they need to easily and efficiently create mainstream blockchain applications, helping them turn their ideas into wildly successful businesses.

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