By
Benjamin Njiri
April 23rd, 2024
When Blocknative completed the other part of the Series A investment in 2021, the CEO revealed plans to expand the team.
Web2 infrastructure company Blocknative has secured $15 million in a Series A-1 round for the block-building market in the Ethereum ecosystem. Launched in 2018, the company focuses on transaction processing on the Ethereum blockchain. And it plans to use the latest funding to grow its product teams and pursue block-building opportunities. Back in June 2021, Blocknative had a part of its Series A investments, featuring Foundry Group, Robot Ventures, and more. At the time, the company generated $12 million, signaling investors’ confidence in its mempool surveillance tools.
Blocknative Secures $15M Series A-1 Financing Round
There were different contributors to the Blocknative Series A-1 funding round, which was led by Foundry Group, and Blockchain Capital. Others are Fenbushi Capital, Industry Ventures, Rho, Robot Ventures, IOSG Ventures, HackVC, and more. Since its inception about four years ago, Blocknative has managed to become one of the biggest block builders on Ethereum. These block builders are third-party providers that determine the transactions that go on the blocks. The third-party providers are also in charge of determining the order in which these transactions are included in blocks. Since The Merge, when Ethereum transited from the Proof-of-Work consensus mechanism to Proof-of-Stake, Blocknative’s relay and block builders have onboarded over 17,000 blocks to the Ethereum blockchain.
CEO Matt Cutler stated that the company offers several capabilities and APIs that allow traders and builders to take control of their Web3 transaction lifecycle. He added that the capabilities are highly relevant to the new domain of block building. Speaking on the new Series A-1 financing round, Cutler said Blocknative can now pursue the block-building opportunity. He added that the fund will also help the company “drive equitable value recirculation throughout the entire Web3 transaction supply chain.” He continued:
“As the world increasingly moves on-chain, Blocknative remains committed to contributing meaningfully to the Web3 ecosystem through real-time access to pre-chain data, increased transaction transparency, and webscale infrastructure availability at each and every block.”
Besides the relay and block building, Blocknative provides other solutions such as Mempool Explorer, Gas Estimation, Transaction Preview, Web3 Onboard, and Transaction Distribution. Network. Recently, the Web3 infrastructure company started to accept transaction bundles from MEV searchers. The CEO said in a statement:
“As the world increasingly moves on-chain Blocknative remains committed to contributing meaningfully to the web3 ecosystem through real-time access to pre-chain data, increased transaction transparency, and web-scale infrastructure availability at each and every block.”
When Blocknative completed the other part of the Series A investment in 2021, the CEO revealed plans to expand the team. He said the goal is to grow the 20-person staff to 40 by year-end. According to the chief executive, the new employees would be in marketing, customer support, and sales, as well as development sections.