Silicon Valley Web 3 Platform Alchemy Is Now Valued at $10.2B After Latest Fundraise

Web 3 development platform Alchemy has hit decacorn status after closing its latest $200 million funding round.
Image source: Alchemy

Quick take:

  • The latest funding round was co-led by venture capital firm Lightspeed and private equity firm Silver Lake.
  • Its previous backers also participated in the fundraise.
  • Alchemy aims to be the go-to platform for developers building on top of a blockchain.

Silicon Valley-based Web 3 development platform, Alchemy, has just announced the closing of its latest funding of $200 million, bringing the company’s valuation to $10.2 billion.

The fundraise was co-led by venture capital firm Lightspeed and private equity firm Silver Lake. All major previous backers including Andreessen Horowitz (a16z), Coatue Management, DFJ, Pantera and more also participated in the funding round.

Alchemy has seen explosive growth in just one year. In October last year, it closed a series C funding of $250 million and attained $3.5 billion valuation. Just six months before that in April, the startup was valued at only $505 million after an $80 million series B funding. 

Not only has Alchemy tripled its valuation since October, but it has also reported a three-fold increase in the number of Web 3 initiatives built on its platform. Alchemy’s growth reflects the massive acceleration of Web 3 as a whole, as an increasing number of Web 3 companies are being launched and scaling quickly. 

Some of the blockchain platforms powered by Alchemy include Dapper, OpenSea, Aave, SuperRare, and Axie Infinity, and hundreds more. In its funding round announcement, Alchemy declared that NFT marketplaces built on its platform have “delivered more than $1.5B in royalties to artists, with almost $1B of that coming in just the last three months”.

According to TechCrunch, inside sources from Alchemy say that the startup has increased its user base by nearly 50% since it closed the latest funding round. Alchemy has also increased its on-chain transaction value, from a modest $45 billion back in October to $105 billion currently. 

The company’s goal is to be the go-to platform for developers who are considering building their products on top of a blockchain. It also plans to allocate funding to expand access to Web 3 globally. 

“We believe we’re just in the first inning of Web3 and blockchain, and we’ll be using this new round of financing to double down and continue to invest in the ecosystem that we all share,” Alchemy co-founders Joe Lau and Nikil Viswanathan Nikil wrote in a blog post. 

Since its last funding in October, Alchemy has reinvested into the Web 3 ecosystem by launching Web 3 University, an open educational resource for anyone who wants to build their Web 3 development skills. 

It has also created its own investment arm, Alchemy Ventures, to help emerging Web 3 businesses grow, and last but not least launched its NFT API, enabling developers to build their NFT platform with ease. 

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