Dune Analytics, the Norway-based crypto data analytics startup, has raised $8 million in a Series A funding round.
New York-based Union Square Ventures led the round, with Redpoint Ventures and existing investors Dragonfly Capital and Multicoin Capital also participating.
This was an equity funding round that will help Dune to expand its team, launch a new data platform and support more blockchains, co-founder and CEO Fredrik Haga told The Block. Dune's current team size is eight, and it is looking to increase it to around 25 by hiring mostly engineers, said Haga.
As for launching a new data platform, Haga said Dune needs to streamline its "tremendous" amount of available data in one place so that it is easy for users to analyze it. "We're investing heavily in a new data platform to make this a reality," he said.
Dune currently supports extracting data from four blockchain networks: Ethereum, Polygon, Optimism, and xDAI. Looking ahead, it is planning to support all Ethereum Virtual Machine (EVM)-based blockchains and other networks, said Haga, without disclosing specific names.
The Dune platform is accessible to the public for free, meaning users can create data charts of metrics they want to track. As for its business model, Dune also has a paid, subscription-based product, starting at $390 per month per user. Haga said "practically all top names" in the crypto space are Dune's clients. Paid users get a more customized experience, such as private queries and data exports.
Crypto firms, including data startups, continue to receive investments from venture firms amid crypto's growth this year. In recent weeks and months, crypto data firms such as Messari, Coin Metrics, Nansen, and DappRadar have all raised millions of dollars from notable investors.
Dune's Series A brings its total funding to date to $10 million. Last September, the firm raised $2 million in seed funding. Haga declined to disclose the firm's valuation.
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