Blockchain platform Alchemy raises 250 million in Series C under the direction of Andreessen Horowitz

San Francisco-based blockchain web services company Alchemy on Thursday announced a $ 250 million Series C funding round led by Andreessen Horowitz, bringing its current valuation up to $ 3.5 billion.

The announcement comes after the Series B was valued at $ 80 million in late April before an introductory valuation of $ 505 million. Pantera Capital, Redpoint, Lightspeed Venture Partners, Coatue, DFJ and Lee Fixels Addition also participated in the Series C round. According to founders Nikil Viswanathan and Jon Lau, the company is “very profitable” and has yet to spend that money digitally, but plans to use the new funding to build a community around the blockchain.

Alchemy was founded in 2017 but didn’t launch its product until August 2020. The company’s 37 employees currently serve clients including all of the major NFT platforms, UNICEF, Adobe and PricewaterhouseCoopers, and offer over $ 45 billion in transaction volume, according to a report by TechCrunch.

The company wrote in the announcement on its blog:

“Alchemy is doing for Blockchain and Web3 what AWS did for the Internet. It gives developers the tools they need to easily and efficiently build mainstream blockchain applications and turn their ideas into hugely successful companies. “

Alchemy currently has two offices (one in New York and one in San Francisco), but plans to open more in the US and overseas.

Viswanathan and Lau, who serve as the company’s CEO and CTO, both attended Stanford University and worked at Google before working on their latest project. First-round investors include celebrities such as Jay Z and Will Smith, as well as Yahoo founder Jerry Yang. “The empowerment of developers is the key to bringing the magic of the blockchain into the world,” wrote Viswanathan in a statement at the time.

Alchemy previously announced a partnership with the blockchain entertainment platform Flow on March 25th.

Back in June, Andreessen Horowitz launched a $ 2.2 billion fund that focuses on crypto venture capital. At the time it was the largest of its kind that ever existed.

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