Alchemy, the company that created software tools used to build NBA Top Shot, has raised $200 million, valuing the crypto startup at $10.2 billion — nearly tripling its previous valuation.
The Series C funding round, led by Lightspeed Venture Partners and Silver Lake Partners, included previous investors Andreessen Horowitz, Pantera Capital, and Coatue Management.
Alchemy presents a unique opportunity for investors as a platform that bridges the gap between blockchain technology and major corporations looking to take advantage of the market.
The California-based startup has provided services to a variety of companies.
- It is working with Adobe to begin offering NFTs through Photoshop.
- OpenSea, the largest NFT marketplace, used the company to build its platform.
- It was used to build the NFT-based online video game “Axie Infinity.”
Last October, Alchemy raised $250 million at a $3.5 billion valuation. The company continues to benefit from a flurry of investments in crypto-related startups — last year, blockchain funding surpassed $25.5 billion for the first time, a 718% increase year-over-year, per CB Insights.
Part of the Trend
Last month, Blockdaemon — the largest independent blockchain infrastructure platform — raised $207 million during a Series C funding round, valuing the platform at $3.25 billion.
Led by Sapphire Venture Partners and Tiger Global, the round included Softbank Vision Fund 2.