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Sunday, April 14, 2024
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Tech Company Powering Top NFTs Hits $3.5B Valuation

  • Alchemy, which creates technology for building apps on blockchains such as Ethereum, raised $250 million at a $3.5 billion valuation.
  • The round was led by Andreesen Horowitz.
Alchemy/Design: Alex Brooks

The company that created software tools underlying NBA Top Shot and other forces driving the NFT movement saw its revenue grow “15 times in the last six months.”

Alchemy, which creates technology to help developers build applications on Ethereum and other blockchains, raised $250 million in a Series C round led by Andreessen Horowitz. The San Francisco-based company is now valued at $3.5 billion.

Lightspeed Venture Partners and Redpoint joined the round, as did existing investors Coatue, Addition, DFJ, and Pantera.

Alchemy provides technological infrastructure underlying companies such as Top Shot creator Dapper Labs, leading NFT marketplace OpenSea, and NFT-based video game “Axie Infinity.”

  • The company raised $80 million in its Series B round in April at a valuation of roughly half a billion dollars.
  • The company is profitable, according to co-founder and CEO Nikil Viswanathan.

Co-founder and chief technology officer Joe Lau said that Alchemy has not spent any of the $80 million it raised in April. 

“We didn’t need the money, but we saw the value in bringing on great partners such as Andreessen, which has an incredible team with deep technical expertise in the blockchain space,” said Lau.

Alchemy is now partnering with Adobe to incorporate the ability to create NFTs into its Photoshop software.

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