SubQuery indexing protocol raises $9 million from DCG and other investors

The SubQuery Network, a data-indexing protocol for the Polkadot and Kusama ecosystems, has closed its Series A round at $9 million.

🚀 SubQuery is excited to announce the close of our US$9 million Series A funding round co-led by @arringtonXRPcap, @DCGco and @StratosTec & participation by @hypersphere_ , @NGC_Ventures, @wintermute_t & @SkynetTrading_ https://t.co/QJFY9Ad0vW pic.twitter.com/MwRJOIZbbI

— SubQuery (@SubQueryNetwork) September 8, 2021

Investors included Digital Currency Group, Arrington Capital, Stratos Technologies, Hypersphere Ventures, NGC Ventures, Wintermute and Skynet Trading. The funding was provided through a SAFT.

SubQuery CEO Sam Zhou told The Block about plans to decentralize the network and launch a token by early 2022. The protocol also plans to add support for Solana and Terra blockchains.

SubQuery employs 15 people. Most are based in Auckland, New Zealand. The raised funds will be directed, among other things, to expanding the team.

In September, the Evrynet raised $7 million to build a DeFi application aimed at institutional investors.

At the end of August, venture firm Andreessen Horowitz led the $20 million investment round for the DeFi project Syndicate.

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