Web3 Startup Alchemy Raises $200M to Fuel Blockchain Development

Time Stamp: February 8, 2022 2:45 PM
Source Node: 1169184
Alchemy
  • In under four months, Alchemy valuation has jumped 191% from $3.5 billion to $10.2 billion
  • Over $105 billion in annualized on-chain transactions have been powered by Alchemy to date, up 133% from $45 billion in October

Web3 blockchain infrastructure startup Alchemy has closed a $200 million round earmarked for Web3 developers.

Nikil Viswanathan, co-founder and CEO of Alchemy, announced the raise in a post Tuesday. 

The Series C1 round follows a $250 million Series C round in October, when the company was valued at $3.5 billion. The latest raise brings its valuation to $10.2 billion, a 191% increase.

The latest round was led by existing investor Lightspeed, and Silver Lake joined as a new investor. Previous investors, including a16z, Coatue, Addition, Pantera Capital and DFJ, also participated.

“We’re excited to get to work with thousands of developers and teams building the future of Web3 and help support tens of millions of users all around the world,” Viswanathan said. “As NFTs, DeFi, DAOs, and the emerging metaverse have taken the world by storm, we’ve only gotten more excited, knowing that we’re all just getting started.”

The company aims to make blockchain development more accessible by providing developers tools and infrastructure, Viswanathan said. Over $105 billion in annualized on-chain transactions have been powered by Alchemy to date, up 133% from $45 billion in October.

The figures represent a “massive acceleration of growth in the Web3 ecosystem as a whole,” the team said. Thousands of new Web3 organizations are being launched and scaling quickly, while hundreds of Web2 companies are pivoting to include Web3 strategies. 

“We believe Web3 should be accessible to everyone, and the best way to make that happen is by supporting incredibly creative developers who are bringing their ideas to life through blockchain technology,” Joe Lau, CTO and co-founder of Alchemy, said in a statement.

Alchemy has also reinvested in the ecosystem through the launch of a handful of new products and sectors: Web3 University, Alchemy Ventures and NFT API, among them. 

Last month, it partnered with Singapore-based payment infrastructure provider NIUM to expand its Alchemy Pay product and facilitate the flow of capital between traditional financial institutions and crypto networks, Blockworks previously reported.

“2021 was the year developers took Web3 mainstream and created businesses that are transforming the lives of millions,” Viswanathan said. “In 2022, we’ll be doubling down on our commitment to supporting developers globally, making it easier than ever to unlock the potential of Web3.”

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