Dune Analytics, the fast-growing platform that analyzes, tracks and visualizes trends and volumes in crypto and NFTs has announced a new round of funding.
On Wednesday, the company announced the close of its Series B round, raising $69,420,000 at a $1 billion valuation.
This round was led by Coatue, and had participation from existing investors Multicoin Capital and Dragonfly Capital.
It was the second round of funding, coming just 6 months after the company raised an initial $8 million.
Dune CEO Fredrik Haga revealed that Coatue; a firm that only recently joined the crypto/NFT space and already has big bets in OpenSea, Dapper Labs and Alchemy, was aggressive in courting them.
“We had not made a single slide or Excel sheet – they simply came to us, had extreme conviction in what we were doing, and had done a lot of outside-in research, and gave us an offer we couldn’t refuse,” he said.
With their new found cash, Dune Analytics intends to go on an expansion overdrive, with an aim of being the only platform you’ll need for all blockchain data.
Currently, one of their most popular feature is aggregating NFT trade volume on OpenSea.
They exploit the lack of knowledge by most people to query raw blockchain transactions, providing neat and easy to understand graphs.
“Despite being radically open, web3 data remains largely underutilized. At Dune, we want to make this intelligence readily accessible and reward the analysts working to turn this data into digestible, real-time actionable insights.
In legacy finance, only insiders get access to valuable data. Dune supports the next generation of analysts who will neither wear suits nor work for investment banks.”Dune Analytics Co-founder and CEO, Fredrik Haga
Dune Analytics’ competitors in that space include Nansen and Glassnode.