The Series A round was led by New York venture capital giant Union Square Ventures with additional participation from Redpoint Ventures. The VC firms join existing investors Dragonfly Capital and Multicoin Capital.
The company detailed the plans to leverage the $8 million in new financing in order to hire more staff and expand the number of blockchains it analyzes. Last September, Dune Analytics raised $2 million in seed funding.
We are on a mission to make crypto data accessible💫
Meaning every single metric from every single data source easily available to the community for free👌🤯📊
The data must flow and therefore we’ve raised a:
🚨 $8M SERIES A LEAD BY @usv🎉🧙♀️
— Dune Analytics (@DuneAnalytics) August 12, 2021
Dune Analytics offers tools and a great number of charts and graphs but also allows users to create their own data sets and charts.
Demand For Data
Dune is the latest blockchain analytics firm to shore up big bucks from crypto venture capitalists. Earlier this month, crypto analytics and market intelligence firm Messari announced that it had raised $21 million in a Series A financing round led by Point72 ventures.
In late April, Skew analytics was acquired by Coinbase, and the following week, Coin Metrics revealed the company raised $15 million in a Series B financing round that was led by Goldman Sachs. DappRadar raised $5 million last May, and at the end of June, crypto data firm Nansen raised $10 million from investors.
Dune Analytics acknowledged that making crypto data accessible was getting harder as the industry expands.
“Every new product, chain, and scaling solution increases data amount and fragmentation as they grow in adoption and throughput. Nevertheless, we are determined to realize this mission by making every single interesting metric across every single crypto data source easily accessible for free to the community.”
Expanding the Team
It added that there were more than 40 000 analyses on the platform, including metrics like DEX trading volumes, total DeFi users, NFT trades, etc. The Norwegian-based firm has just 8 people working for it but can now expand using the cash influx. The company currently has 7 open positions for data specialists, software engineers, marketing, and product designers.
The announcement stated that Dune replaces legacy finance’s PDF-based quarterly reports with living, breathing, real-time dashboards that will “change financial reporting and transparency forever,” with no quarterly reporting for the digital finance revolution.