The NFT and Web3 technology platform thirdweb announced today that it has closed a $24 million Series A funding round, from investors including Haun Ventures, Coinbase Ventures, and Shopify at a $160 million valuation.
Thirdweb helps companies build Web3 infrastructure layers, and will be offering a way for appsincluding games and NFT clubsto operate across different blockchains.
We actually just provide these best practice tools in order that teams dont need to learn all of the complexities of blockchains, said Furqan Rydhan, who co-founded thirdweb with Steven Bartlett.
Rydhan highlighted a recently available implementation with Coinbase, where thirdweb helped the crypto exchange power weekly drops in its NFT marketplace. Other thirdweb clients include NY Fashion Week and the esports organization Fnatic.
Thirdweb says that over 55,000 developers purchased its tools during the last nine months, powering over 150,000 smart contracts across six different blockchains, with clients projects generating over $1.5 million in combined weekly revenue.
Havent seen any slowdown
As crypto winter continues, Web3 startups have only raised around $720 million in funding up to now in Q3, instead of $6.6 billion in Q4. But B2B-focused companies such as for example thirdweb are bucking the trend. In July, THE INFO reported that Mysten Labs, that is creating a blockchain for decentralized applications, was in talks with investors in regards to a new round at a $2 billion valuation.
From the builder standpoint, we havent seen any slowdown, Rydhan told Fortune, adding that hes seen an acceleration in people building Web3 tools. We were unaffected by the crypto market downturn.
Haun Ventures, the crypto-focused capital raising firm founded by former federal prosecutor Katie Haun, led thirdwebs funding round. Haun Ventures raised $1.5 billion earlier in 2022, the biggest debut fund ever by way of a solo female founding partner.
Our mission would be to accelerate another generation of the web, and we believe thirdweb will play a crucial role in realizing that, said Haun.
In 2021, thirdweb raised a $5 seed round in 2021 backed by industry veterans including Gary Vaynerchuck and Mark Cuban.
Bartlett previously founded the social media agency Social Chain, which reached a public market valuation of over $600 million before Bartlett stepped down as CEO in 2019.
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