As per the latest reports, Alchemy has made an announcement in regards to carrying out a successful funding round. Alchemy, a blockchain web services company based in San Francisco has confirmed the successful conclusion of the Series C funding round.
Alchemy team has confirmed that they have raised $250 million from the particular funding round. The firm has revealed that it was Andreessen Horowitz that led the funding round for the company. The announcement in regards to the funding round was made by Alchemy on Thursday, October 28, 2021.
The teams at Alchemy have also confirmed the market valuation of the company after the successful funding round. Following the funding round, the company’s market valuation has reached $3.5 billion.
This is a huge achievement for Alchemy and its project because the platform had successfully carried out its Series B funding round. The firm has revealed that the Series B funding round had been held back in April of 2021. This means that in a matter of a few months, the firm has managed to successfully carry out another funding round.
Following the Series B funding round, the market valuation of Alchemy had crossed $505 million market valuation. It is quite astonishing that the firm has crossed $3.5 billion market capitalization in such a short amount of time.
The firm has also revealed the names of the firms that have participated in the funding round, making it a huge success. Some of the most prominent mentions in the funding round include Lee Fixel’s Addition, DFJ, Coatue, Lightspeed Venture- Partners, Redpoint, and Pantera Capital.
Jon Lau and Nikil Viswanathan, the founders of Alchemy talked about the main reason why the company is so successful. They revealed that ever since their launch, they have seen great success, as their firm has proven to be really profitable.
They have revealed that so far, they haven’t used any of the funds generated through the funding rounds as they didn’t need to. Until now, their project did not need expanding, but as the platform’s usability has increased over time, it has become obvious an expansion is necessary.
The teams at Alchemy have revealed that they are going to use the funds for the expansion of their project. They will be dedicating the most amount of funds towards the growth of their community, so it can be accommodated around their blockchain system.
It was back in 2017 when Alchem was launched but at that time, it had no product to introduce to the cryptocurrency community. It wasn’t until August of 2020 when the firm proceeded with launching its products for the cryptocurrency community.
As of now, the firm has close to 40 employees that have been managing the product and dealing with major platforms in the NFT space. Apart from the NFT-based clients, other clients they serve include PricewaterhouseCoopers, Adobe, and UNICEF.