Alchemy, the US-headquartered creator of a blockchain developer platform, secured $80m yesterday in a series B round featuring cryptocurrency exchange operator Coinbase and avatar development technology provider Genies, valuing it at $505m.
Coatue and Addition co-led the round, which included DFJ Growth, the Glazer family, K5 Global, the Chainsmokers, Stanford University, Pantera Capital, SignalFire, Communitas Capital and private investors John Hennessy, Charles Schwab, Reid Hoffman and Jerry Yang.
Founded in 2017, Alchemy produces the infrastructure and developer tools required to power blockchain transactions across a range of areas including cryptocurrency exchanges and non-fungible tokens.
The series B proceeds will be allocated to growing Alchemy’s developer platform so it can work with additional blockchains, in addition to an international expansion drive which will involve it opening new offices in other countries as well as in the United States.
The company emerged from stealth in late 2019 with $15m from a series A round led by Pantera Capital and backed by Coinbase, consumer electronics producer Samsung, Stanford University and its StartX accelerator, SignalFire, Mayfield Fund, Kenetic, Dreamers VC and various individuals.
