QuickNode, a blockchain development platform, has completed a $60 million funding round aimed at growing its business and onboarding web3 users and developers.
Funds will go towards growing the 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 funding that will go towards the company’s global expansion and user and developer onboarding.
The company provides infrastructure services for more than 16 blockchains, including names like Ethereum, Solana, Polygon, and others. The $60 million Series B is the company’s largest investment round since it raised $35 million in October 2021.
According to the company, QuickNode’s user base has grown by 400% since then. QuickNode COO Jackie Kennedy commented on the current state of VC investment.
“The funding climate has actually changed where funds are changing their criteria for who and what to invest in. […] Investors are focusing more on efficiency metrics like breakeven, gross margins, and excessive growth at all costs.”
Jackie Kennedy, QuickNode’s COO.
Web3 funding on the rise
According to research by Galaxy Digital, web3 blockchain companies and commerce-based services were the main focus for VC funding and investments in 2022, and this trend may continue in 2023.
Data shows that VC firms invested over $30 billion in blockchain and cryptocurrency firms in 2022, with 31% of deals in the web3 sector, which includes non-fungible tokens (NFTs), decentralized autonomous organizations, the metaverse and online games. .
Galaxy Digital’s research also showed that late-stage companies 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, Galaxy Digital’s head of research Alex Thorn believes politicians need to create policies that don’t discourage innovation.
