Total amount raised
$79.4 Millions
Latest funding date
2/1/2022
Location
Dune Analytics has successfully raised significant funding over multiple rounds, attracting a diverse group of investors including Multicoin Capital and Dragonfly.
Keep reading to explore the intricacies of Dune Analytics' fundraising journey and the investors backing this innovative platform.
What Is Dune Analytics?
Dune Analytics, founded in 2018 by Fredrik Haga and Mats Olsen, is based in Oslo, Norway. The company specializes in making on-chain crypto data accessible and consumable, focusing primarily on Ethereum. With a team of 11-50 employees, Dune Analytics allows users to create SQL queries to analyze blockchain data and visualize the results as charts.
How Much Funding Has Dune Analytics Raised?
- Seed Round
- Amount Raised: $2M
- Date: September 2020
- Lead Investors: Dragonfly
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the platform and develop initial features.
- Series A
- Amount Raised: $8M
- Date: August 2021
- Lead Investors: Union Square Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and increase user engagement.
- Series B
- Amount Raised: $69.4M
- Date: February 2022
- Lead Investors: Coatue
- Valuation at Round: $1 billion
- Motivation Behind the Round: To build a community of analysts, support more blockchains, develop an API, and expand the team.
Total Amount Raised: $79.4M. Current Valuation: $1 billion.
Key Investors
- Coatue
- Details: Coatue is a global technology-focused investment firm. They have a strong presence in both public and private markets.
- Investment Focus Areas: Technology, media, telecommunications, consumer sectors.
- Notable Investments: Snap Inc., DoorDash, ByteDance.
- Union Square Ventures
- Details: Union Square Ventures is a venture capital firm based in New York City. They are known for their early-stage investments in internet and mobile companies.
- Investment Focus Areas: Internet services, mobile applications, blockchain technology.
- Notable Investments: Twitter, Etsy, Coinbase.
- Dragonfly
- Details: Dragonfly Capital is a global crypto asset investment firm. They focus on bridging the gap between East and West in the crypto space.
- Investment Focus Areas: Blockchain technology, decentralized finance (DeFi), crypto assets.
- Notable Investments: MakerDAO, Compound, dYdX.
- Multicoin Capital
- Details: Multicoin Capital is a thesis-driven investment firm that invests in cryptocurrencies, tokens, and blockchain companies. They are known for their deep research and long-term investment approach.
- Investment Focus Areas: Cryptocurrencies, blockchain technology, decentralized applications.
- Notable Investments: Solana, The Graph, Helium.
What's Next for Dune Analytics?
As Dune Analytics looks to the future, the opportunities are vast. The platform aims to build a community of up to 1 million analysts, support more blockchains, and develop a much-requested API. These expansions could significantly increase its user base and data coverage, making it a central hub for blockchain data analysis.
While Dune Analytics is not currently seeking additional funding, the rapid growth and ambitious plans suggest that future fundraising could be on the horizon to support further development. However, challenges such as managing a rapidly expanding team and staying ahead in the fast-paced blockchain space will need to be navigated carefully.
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