NewsBusiness

Ethereum Data Firm Dune Analytics Hits Unicorn Status With $69,420,000 Series B

Dune Analytics says it's is now valued at $1 billion following sizable investments from Coatue, Multicoin Capital, and Dragonfly Capital.

2 min read
A unicorn is a startup that is valued at $1 billion or more. Image: Shutterstock

Norwegian data firm Dune Analytics has raised $69.420 million in a Series B funding round, the company announced today. As a Web3 company, Dune allows users to view real-time analytics for a variety of different cryptocurrency metrics, such as NFT statistics, Solana transactions, and decentralized exchange (DEX) volume.

Tech investment firm Coatue led Dune’s Series B funding round. Multicoin Capital and Dragonfly Capital also participated. Following the raise, Dune has now reached unicorn status at a valuation of $1 billion, according to the company.

“Despite being radically open, Web3 data remains largely underutilized,” Dune co-founder and CEO Fredrik Haga said in the press release.

“In legacy finance, only insiders get access to valuable data. Dune supports the next generation of analysts who will neither wear suits nor work for investment banks. Instead, these pioneers will have quirky animals as profile pictures and collaborate openly across the world.”

The money raised from this funding round will be put toward “a new generation of analysts,” also known as “Dune Wizards.” So far, Dune has had over 10,000 analysts compile 100,000 different pieces of information to create Web3 data charts.

Though the platform primarily supports Ethereum, it also provides data for other networks such as sidechain Polygon, layer-2 network Optimism, and Binance Smart Chain. It plans to add support for more in the future.

Last year, Dune garnered $2 million in seed funding and raised $8 million in its Series A funding round. Venture capital firms Union Square, Redpoint Ventures, Dragonfly Capital, and Multicoin Capital participated in its Series A funding.

Want to be a crypto expert? Get the best of Decrypt straight to your inbox.

Get the biggest crypto news stories + weekly roundups and more!