Web3 development platform Moralis said on Wednesday that it has snagged $40 million in a Series A funding round.
Investors in the platform, which launched last June, include EQT Ventures, Fabric Ventures, Coinbase Ventures and Dispersion Capital, among other angels.
The Stockholm-based business, which provides infrastructure for developers to build and launch apps, games and NFTs cross-chain, said in a release that it will use the money for product development, improving user experience and scaling to both increase its client capacity and support larger clients.
Moralis declined to reveal its valuation.
The raise follows a $13.4 million seed round in 2021, which was also backed by EQT.
Its software provides solutions for developers facing challenges when switching from web2 systems to building decentralized blockchain applications. These could include issues with user authentication, event watching and data aggregation and indexing.
“We are absolutely convinced that web3 represents the next iteration of the internet and we see ourselves as the perfect partner for developers wanting to move from web2 into web3,” said Ivan Liljeqvist, co-founder and CEO.
The company says that feedback from users indicates its platform has helped save developers more than $86 million in engineering costs.
This is the latest move which shows investors flocking to web3 adoption projects in their droves. In April, Fabric Ventures unveiled two web3-focused funds worth $245 million collectively.