thirdweb has successfully raised $29 million over two funding rounds, achieving a valuation of $160 million. The platform offers a comprehensive suite of tools for web3 development, catering to both frontend and backend needs.
Keep reading to explore the intricacies of thirdweb's fundraising journey and the investors backing this innovative platform.
What Is thirdweb?
thirdweb is a full-stack development platform for web3, providing tools for developers to build decentralized applications and games on any EVM chain. Founded by Jake Loo and Cathal Berragan, the company operates out of New York City and San Francisco.
With a team of 11-50 employees, thirdweb offers frontend, backend, and on-chain tools to empower developers. Their mission is to make it easy for developers to create decentralized internet products.
Used by over 70,000 developers monthly, thirdweb's platform has seen over 1 million unique wallets interact with their contracts on the mainnet. Companies like Shopify, AWS, and Coinbase utilize thirdweb's products.
How Much Funding Has thirdweb Raised?
- Seed Round
- Amount Raised: $5,000,000
- Date: December 2021
- Lead Investors: Mark Cuban, Gary Vaynerchuk
- Motivation Behind the Round: To kickstart the development and initial market entry of their web3 platform.
- Series A Round
- Amount Raised: $24,000,000
- Date: August 2022
- Lead Investors: Haun Ventures, Shopify, Coinbase
- Valuation at Round: $160M
- Motivation Behind the Round: To expand its web3 development kit and market presence.
Total Amount Raised: $29,000,000. Current Valuation: $160M.
Key Investors
- Haun Ventures
- Details: Founded by ex-a16z partner Katie Haun, Haun Ventures is a venture capital firm focused on the crypto and web3 space. The firm aims to support the next generation of internet technologies.
- Investment Focus Areas: Crypto, web3, blockchain
- Notable Investments: Not specified
- Coinbase Ventures
- Details: Coinbase Ventures is the investment arm of Coinbase, one of the largest cryptocurrency exchanges in the world. The firm invests in early-stage cryptocurrency and blockchain startups.
- Investment Focus Areas: Blockchain, cryptocurrency, fintech
- Notable Investments: Not specified
- Shopify
- Details: Shopify is a leading e-commerce platform that enables businesses to create online stores. The company has expanded its investment portfolio to include technologies that complement its core services.
- Investment Focus Areas: E-commerce, SaaS, fintech
- Notable Investments: Not specified
- Polygon
- Details: Polygon is a blockchain platform known for its low transaction fees and scalability solutions. The company invests in projects that can leverage its technology to improve blockchain efficiency.
- Investment Focus Areas: Blockchain, DeFi, NFTs
- Notable Investments: Not specified
- Mark Cuban
- Details: Mark Cuban is a billionaire entrepreneur and investor known for his diverse investment portfolio. He has a keen interest in tech startups and blockchain projects.
- Investment Focus Areas: Tech startups, blockchain, media
- Notable Investments: Not specified
What's Next for thirdweb?
thirdweb stands at the cusp of significant growth, driven by the expanding web3 ecosystem. With plans to enhance its developer toolkit and support more blockchains, the platform is poised to attract a broader user base. Strategic partnerships with Shopify and Coinbase further amplify its reach, offering web3 products to a wider audience.
Future fundraising opportunities seem promising as thirdweb continues to scale its operations and expand its toolkit. However, the company must navigate challenges such as security concerns and market volatility. Maintaining momentum and continuously innovating will be crucial for sustaining its growth trajectory.
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