Total amount raised
$160 Millions
Latest funding date
August, 2022
Location
Thirdweb has successfully raised significant funding through multiple investment rounds, attracting notable investors such as Haun Ventures and Coinbase Ventures. The platform offers a comprehensive suite of tools for developing web3 applications, including smart contracts, NFTs, and decentralized marketplaces.
Keep reading to explore the intricacies of thirdweb's fundraising journey and the investors backing this innovative platform.
What Is thirdweb?
Founded in 2020, thirdweb is based in San Francisco, California. The company was established by Furqan Rydhan and Steven Bartlett. With a team of 11-50 employees, thirdweb offers a comprehensive platform for web3 development.
thirdweb provides powerful SDKs and APIs for developers to build web3 apps, games, tokens, NFTs, and more. Their tools support every EVM chain and are fully open-source, making it easier for developers to deploy custom or pre-built smart contracts.
From secure backend wallets to scalable smart contract APIs, thirdweb's solutions cater to various web3 applications, including gaming, consumer apps, and DeFi. The platform aims to accelerate the development of decentralized applications with its end-to-end developer tools.
How Much Funding Has thirdweb Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: October 2021
- Lead Investors: Founders, Inc.
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop its initial offerings.
- Seed Round
- Amount Raised: $5M
- Date: December 2021
- Lead Investors: Over 20 industry entrepreneurs including Gary Vaynerchuck and Mark Cuban
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To build the infrastructure layer for Web3 and provide developers with a full stack Web3 development kit to reduce the time and cost required to build and launch applications.
- Series A
- Amount Raised: $24M
- Date: August 2022
- Lead Investors: Haun Ventures
- Valuation at Round: $160M
- Motivation Behind the Round: To accelerate platform development, add support for additional blockchains, and onboard hundreds of thousands of developers, driving mainstream adoption of Web3.
Total Amount Raised: $29M. Current Valuation: $160M.
Key Investors
- Haun Ventures
- Details: Founded by Katie Haun, a former federal prosecutor and partner at Andreessen Horowitz. Haun Ventures is a venture capital firm specializing in Web3 and blockchain technologies.
- Investment Focus Areas: Web3, blockchain technologies.
- Notable Investments: OpenSea, Autograph.
- Coinbase Ventures
- Details: The investment arm of Coinbase, a leading cryptocurrency exchange. Coinbase Ventures focuses on early-stage cryptocurrency and blockchain startups.
- Investment Focus Areas: Cryptocurrency, blockchain startups.
- Notable Investments: Compound, BlockFi, OpenSea.
- Shopify
- Details: A multinational e-commerce company headquartered in Ottawa, Canada. Shopify provides a platform for online stores and retail point-of-sale systems.
- Investment Focus Areas: E-commerce platforms, payment solutions, blockchain technologies.
- Notable Investments: Stripe, Affirm, Swyft.
- Protocol Labs
- Details: A research, development, and deployment lab for network protocols. Protocol Labs focuses on open-source projects and decentralized technologies.
- Investment Focus Areas: Decentralized storage, data protocols.
- Notable Investments: Filecoin, IPFS.
- Polygon
- Details: A protocol and framework for building and connecting Ethereum-compatible blockchain networks. Polygon aims to provide faster and cheaper transactions on Ethereum.
- Investment Focus Areas: Blockchain scalability, decentralized applications.
- Notable Investments: Aavegotchi, Polymarket.
What's Next for thirdweb?
Thirdweb stands at the cusp of a significant opportunity, poised to enhance its platform to meet the growing demand for Web3 applications. With over 55,000 developers already onboard and millions in weekly revenue, the potential to onboard the next 10 million developers is immense. The platform's ability to support additional blockchains and partner with global brands like Coinbase and New York Fashion Week further underscores its growth potential.
Future fundraising opportunities seem promising, given the substantial backing from investors like Haun Ventures and Coinbase Ventures. These funds could be pivotal in scaling operations and expanding blockchain support. However, thirdweb will need to navigate challenges such as rapid technological advancements, regulatory uncertainties, and competition from other Web3 platforms. Ensuring platform scalability and security will be crucial as they continue to grow.
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