QuickNode, a blockchain-infrastructure provider, has raised $60 million following a Series B funding round. Investors valued the company at $800 million.
gm!
We’re beyond excited to announce that we have raised a $60 million Series B funding round led by @10TFund — with participation from Tiger Global, @sevensevensix, and @QEDInvestors, among others — to fuel our next phase of growth and development! pic.twitter.com/aWAu4P3WhX
— QuickNode (@QuickNode) January 24, 2023
The round was led by 10T Holdings. It also included: Seven Seven Six led by Alexis Ohanian, Tiger Global, Protocol Labs, and other venture firms.
The startup raised funds amid the FTX collapse. The Series B round began in September and closed in December of last year, noted CEO and co-founder Alex Nabutovsky.
“QuickNode had two record quarters in 2022 — Q3 and Q4. We had incredible demand and growth. Our revenue grew by more than 300% in the last year,” said a senior executive.
Threefold revenue growth buoyed QuickNode’s valuation. According to Nabutovsky, the company was valued at $250 million in October 2021, when raised $35 million. With the closing of the next round, the figure rose several times over.
In the near future, the firm will use the raised funds to expand the team from 120 to 180 people, and to enter Asian and Australian markets.
QuickNode intends to move to a decentralised model, issuing a governance token. It also plans to go public via an IPO.
Founded in 2017, the firm provides multi-chain development tools for 16 ecosystems. Among its clients: BNY Mellon, Samsung, LG, Coinbase, Chainalysis and 1inch Network.
QuickNode makes it easier for companies and developers to configure and integrate with blockchain infrastructure. The startup reduces this process to a matter of minutes.
Earlier last year, Alchemy, a rival platform to QuickNode, raised $200 million at a $10.2 billion valuation.
In April, the infrastructure blockchain startup BlockApps raised $41 million.
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