The firm has now raised more than $105 million in total.
By Mayowa Adebajo
Updated
2 mins read
Blockchain development firm QuickNode has just completed a Series B funding round of $60 million to hit a valuation of $800 million. The funding round was led by venture capital firm 10T Holdings and also saw participation from investors such as Tiger Global, Seven Seven Six, and QED, among others.
The announcement was shared by the firm’s CEO and co-founder, Alex Nabutovsky, who claims that the firm has now raised more than $105 million in total. According to Nabutovsky, QuickNode had earlier raised $35 million in a Series A round some 15 months earlier.
About the $60 million recently raised, the CEO confirms that the company will primarily focus on using it to expand its team. And in addition, it will also use it to spread its tentacles across the world. Admitting that a huge amount of enterprise lies ahead, he says QuickNode wants to stay abreast of the situation. That is, the firm wants to stay relevant and be ready for what is coming. Part of the statement reads:
“The amount of enterprise coming in is incredible, so we want to continue building these abstraction layers, grow our technology and expand to new regions.”
Meanwhile, a portion of the newly-raised fund will also be earmarked and used to bolster blockchain adoption. Nabutovsky said:
“If we’re going to have mass blockchain adoption like we saw in the past year, you need to provide enterprise-grade infrastructure.”
The new fundraising by QuickNode appears to be an attestation to the fact that venture capital funding has found a new interest in Web 3.0-focused firms. As suggested by recent reports, the prevalent bear market has made investors and venture capitalists lose interest in funding blockchain projects. And as a result, their focus has suddenly shifted toward the Web 3.0 space.
This explains a recent Coinspeaker report that claims Hong Kong investment fund HashKey Capital also closed a $500 million funding round. The firm also admitted that it will use the fund to support up-and-coming Web3 projects.
Without a doubt, the Web 3.0 era is here. But more than that, the change in the funding climate is enough proof that investors are getting more interested in Web 3.0 projects.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
