Many crypto detractors contend that the web3 space is buoyed by meme money, so Coatue leading a $69,420,000 Series B in a blockchain startup shouldn’t leave them too surprised.
The investment — made in crypto analytics platform Dune Analytics — brings the startup’s valuation to $1 billion. The crowd-sourced data platform has grown to become one of the more favored dashboards analyzing movements in the crypto world. Multicoin Capital and Dragonfly Capital also participated in the deal for the 16-employee startup.
Blockchains store massive amounts of transaction data and platforms like Dune are looking to help investors pull more insights from that data, analyzing moves on the Ethereum, Polygon, Optimism, Binance Smart Chain and xDAI blockchains.
“There’s a ton of insights in crypto data, but without skilled and incentivized analysts coupled with great tooling this information will remain hidden beneath the surface,” a blog announcement from Dune’s founders reads. “With this financing we’re doubling down on our mission to make crypto data accessible and are committed to bringing a million Dune Wizards to web3.”
Coatue’s nice investment follows an $8 million Series A in Dune Analytics this past August.