Alchemy, a US-based blockchain development platform backed by electronics manufacturer Samsung, cryptocurrency exchange Coinbase and avatar development technology provider Genies, raised $250m in series C funding yesterday.
Venture Capital firm Andreessen Horowitz (a16z) led the round and was joined by Lightspeed Venture Partners, Redpoint Ventures, Coatue Management, DFJ, Addition and Pantera Capital in the round. It valued the company at $3.5bn.
Founded in 2017, Alchemy provides development tools and infrastructure to create blockchain applications across a number of functions such as cryptocurrency and non-fungible token transactions. It claims its revenue has grown 15-fold over the past six months.
The company will use the proceeds from the round to continue supporting its global expansion, increase developer access to its tools and build out more educational resources.
Coatue and Addition co-led an $80m series B round for Alchemy in April this year featuring Coinbase, Genies, DFJ Growth, K5 Global, the Chainsmokers, Pantera Capital, Stanford University, SignalFire, Communitas Capital and private investors Charles Schwab, Reid Hoffman, John Hennessy and Jerry Yang.
Samsung took part in Alchemy’s Pantera Capital-led $15m series A round, disclosed when it emerged from stealth in late 2019, alongside Coinbase, Stanford University and its StartX accelerator, SignalFire, Kenetic, Dreamers VC, Mayfield Fund and several angel investors.
According to a regulatory filing, the company had previously raised $18.9m in funding in May 2019.
Joe Lau, Alchemy’s chief technology officer, said: “Blockchain is still at the very beginning, and we are thrilled to have partners like a16z who share our commitment to unlocking the potential of blockchain for developers and users everywhere.”
