Blockchain analytics startup CoinMetrics has raised a $6 million Series A funding round led by returning investor Highland Capital Partners.
The Series A also drew Fidelity, Coinbase, Digital Currency Group, Dragonfly Capital, and others as participants. The firm closed the round before mid-March, when global equity markets plunged significantly due to the coronavirus.
"Given the current global crisis, 2020 will likely not get us to the black. The timing of our fundraise puts us in a good position. We are aiming to extend our brand image and providing the market with unique data to help institutions invest. We believe 2021 will be a turning point," Coin Metrics CEO Tim Rice told The Block.
The Boston-based startup was founded in 2017 by Nic Carter and Aleksei Nokhrin, and provides blockchain network and exchange data to institutional clients. Coin Metrics is also considering allowing clients to run their own queries with Coin Metrics' tools, according to Rice.
"We feel we have found good product-market fit by extracting and creating data we believe is important to clients. It's not hard for us to enable clients to combine our metrics with their own queries," Rice said.
Coin Metrics plans to use the newly-raised capital to expand its team and increase its marketing and sales efforts. It is also looking to complete an internal audit and expand its data coverage.
In February 2019, the firm raised a $1.9 million seed round backed by Fidelity, Highland Capital Partners, and Dragonfly Capital.
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