Haun Ventures, Coinbase Ventures and Shopify Join Third Web’s $24M Round

NFT and Web3 technology platform thirdweb today announced it has closed a $24 million Series A funding round at a $160 million valuation from investors including Haun Ventures, Coinbase Ventures and Shopify.

Thirdweb helps companies build the Web3 infrastructure layer, providing a means for apps including games and NFT clubs to work across different blockchains.

“We are simply providing these best-practice tools so that teams do not have to learn all the intricacies of blockchain,” said Furkan Redan, who co-founded thirdweb with Stephen Bartlett. I’m here.

Rydhan highlighted a recent implementation at Coinbase. This helped thirdweb reduce the power of crypto exchanges on his NFT marketplace week after week. Other Third Web his clients include New York Fashion Week and his esports organization Fnatic.

According to Thirdweb, more than 55,000 developers have used its tools in the past nine months, powering more than 150,000 smart contracts across six different blockchains, with client projects generating $1.5 million in total weekly revenue. is exceeded.

“I didn’t see any slowdown”

Web3 startups have so far raised only about $720 million in Q3, as opposed to $6.6 billion in Q4, as the “crypto winter” continues. But his B2B-focused companies, such as Third Web, are bucking the trend. in July, information Mysten Labs, which builds blockchains for decentralized applications, has reportedly been in talks with investors for a new round at a $2 billion valuation.

“From a builder’s perspective, we don’t see a slowdown,” Rydhan said. luck, added that he’s seen people building Web3 tools accelerate. “We were not affected by the downturn in the cryptocurrency market.”

The third web funding round was led by Houn Ventures, a crypto-focused venture capital firm founded by former federal prosecutor Katie Houn. Haun Ventures has raised his $1.5 billion in early 2022. This is the largest debut fund ever by a solo female founding partner.

“Our mission is to accelerate the next generation of the Internet, and we believe the Third Web will play a key role in making that happen,” said Haun.

In 2021, Thirdweb has raised a $5 seed round in 2021, backed by industry veterans including Gary Vaynerchuk and Mark Cuban.

Bartlett previously founded Social Chain, a social media marketing agency with an open market valuation of over $600 million before Bartlett stepped down as CEO in 2019.

sign up for Features of Fortune Subscribe to our mailing list and never miss our biggest features, exclusive interviews and surveys.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *