Ethereum data provider Nansen has raised $1.2 million in a seed funding round.
Revealing the news exclusively to The Block, Nansen said the round was led by Mechanism Capital and Skyfall Ventures, with participation from Robot Ventures, Volt Capital, and Fabric Ventures among other venture capital firms.
Individual investors — including Ethereum developer Eric Conner, Kevin Hu of Dragonfly Capital, FTX's Anthony Yoon, and Deribit's Sergei Chan — also participated in the round.
With fresh capital in hand, Nansen plans to expand its team from its current size of three to eight, Alex Svanevik, CEO of Nansen, told The Block. "We will be able to provide our staff financial predictability for the next two years," said Svanevik.
About 80% of the funding will be used to pay salaries to the team, and the rest 20% would go toward covering costs for cloud infrastructure, said Svanevik.
Nansen was launched in April as a subscription-based product and currently focuses on Ethereum data. Svanevik told The Block that the firm is looking to add support for the Bitcoin blockchain, as well as other Ethereum Layer-2 networks, next year.
Nansen's existing client base is in the blockchain and crypto space, Svanevik said. These include professional investors, such as hedge funds, trading desks, and market makers; "crypto teams" such as protocol developers, including MakerDAO and Synthetix; and individual crypto investors.
The last category of clients is the biggest segment for Nansen in terms of size, said Svanevik. "But then in revenues, it's pretty equally split across those three categories."
Nansen currently has more than 1,000 trial customers and more than 200 subscribers, Svanevik told The Block. The firm also produces bespoke research and analysis for some customers, which has been its additional source of revenue, said Svanevik.
Ethereum data startups have continued to receive venture support in recent weeks. Earlier this month, Covalent raised $3.1 million, and last month, Dune Analytics raised $2 million.
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