- The Stockholm-based startup provides infrastructure for developers building Web3 dApps, games and NFT.
- Funds will be used for product development, improving user experience, and increasing client support.
- Moralis hopes to make Web3 as user-friendly as Web2 is.
Web3 development platform Moralis announced today that it has closed a $40 million Series A funding round. Investors include EQT Ventures, Fabric Ventures, Coinbase Ventures and Dispersion Capital, among other angels.
Moralis’ latest fundraise follows a $13.4 million seed round last year, also backed by EQT Ventures. The startup declined to disclose its valuation.
Launched last June, the Stockholm-based startup is founded by Filip Martinsson and blockchain Youtuber Ivan Liljeqvist aka Ivan on Tech. Moralis provides infrastructure for developers building Web3 dApps, games and NFT. It also services clients who want to implement NFT and blockchain mechanics into their virtual worlds, fashion companies and games.
Moralis said that the new funding will be used for product development, improving user experience, increasing client capacity and supporting larger clients. The company’s software provides developers with solutions to challenges when switching from Web2 systems to building dApps. These include issues with user authentication, event watching and data aggregation and indexing.
“Just like the cloud accelerated the adoption of the internet, and just like operating systems accelerated the development of desktop apps, now we need to give developers tools to spend time building the use cases instead of building the infrastructure,” Moralis CEO Ivan Liljeqvist, told Sifted.
The company claims that its software has been used by thousands of blockchain projects. It said that feedback from its users indicates that the platform has cut the average launch time of new apps by over 80% and saved developers more than $80m in engineering costs.
The company hopes to make the transition from Web2 to Web3 as smooth as possible and hopes that Web3 will be as user-friendly as Web2 in time to come.
Speaking to Sifted, Liljeqvist said: “Our mission is that it should be as unnoticeable as possible [for the end user]. It will probably take years for the mainstream to understand that you can own assets online. But even if you don’t, you should still be able to use Web3 use cases, and that’s also why you can log in with Google or Twitter [instead of your blockchain identity] and the wallet will be generated for you on the back end.”
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