QuickNode, a blockchain development platform, has completed a $60 million funding round aimed at growing its business and onboarding web3 users and developers.
Funds to be put towards increasing user base
QuickNode was valued at $800 million following a series B investment round led by 10T Fund along with Tiger Global, Seven Seven Six, and QED. The company raised $60 million in funds which will be put towards the company’s worldwide expansion and both user and developer onboarding.
The company provides infrastructure services for over 16 blockchains, including names like Ethereum, Solana, Polygon, and others. The $60 million series B is the company’s biggest investment round since raising $35 million on October 2021.
According to the company, QuickNode’s user base has grown by 400% since then. QuickNode’s Chief Operating Officer, Jackie Kennedy, commented on the current state of venture capital investment.
“The funding climate has indeed shifted where funds are changing their criteria on who and what to invest in […] Investors are focusing more on efficiency metrics like breakeven, gross margins and burn over growth at all costs.”
Jackie Kennedy, QuickNode COO.
Web3 funding on the rise
According to research conducted by Galaxy Digital, web3 blockchain firms and trading-based services were the main focus for venture-capital investments and funding in 2022, and this trend may continue into 2023.
The data shows that venture capital firms invested over $30 billion in blockchain and cryptocurrency firms in 2022, with 31% of deals being in the web3 sector, which includes non-fungible tokens (NFTs), decentralized autonomous organizations, the metaverse, and online gaming.
Galaxy Digital’s research also showed that later-stage businesses are receiving more funding, particularly those that offer trading and exchange services.
The United States is still in the leading position regarding crypto-venture capital deals. Still, the head of research at Galaxy Digital, Alex Thorn, believes that politicians must create policies that won’t discourage innovation.
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