Web3 Data Platform Dune Analytics Propels to Unicorn Status After $69.4 Million Fundraise

The Web3 analytics platform Dune Analytics has announced it has closed a $69.4 million Series B fundraise led by Coatue. The firm’s latest fundraise follows the company’s Series A last August when Dune Analytics raised $8 million. With the Series A and B combined, the firm has been propelled to unicorn status with a post-money valuation of $1 billion.

Dune Analytics Secures $69.4 Million in Series B Financing Round, Plans to Offer Financial Compensation to Contributors

On Wednesday, the decentralized finance (defi), non-fungible token (NFT), and Web3 analytics platform Dune Analytics revealed the company has raised $69.4 million in a Series B led by Coatue. Dune Analytics further detailed that Multicoin Capital and Dragonfly Capital participated in the Series B fundraise as well. Dune Analytics is a community-based analytics platform that allows users to access Web3 data and filter it into convenient charts, graphs, and comparative metrics.

Dune Analytics says the new funds will help bolster infrastructure but also help hone a concept that offers financial incentives. “Dune will leverage the funds to create an infrastructure that distributes financial rewards for user-generated content, attracting and incentivizing engagement from up to one million new web3 analysts, known as Dune Wizards, within the community,” the company’s announcement notes. The analytics firm’s announcement adds:

Dune Wizards will not only be able to create customized visualizations that communicate real-time on-chain intelligence, [but] they will also receive financial compensation for their ongoing engagement and contributions.

Analytics platforms have done very well over the last 12 months and a myriad of blockchain and crypto-related analytics companies have raised millions of dollars in financing. The NFT data and analytics platform Cryptoslam raised $9 million during the first week of January. The crypto analytics business Coin Metric secured $15 million in May 2021 and the analytics provider Messari raised $21 million in August 2021.

Currently, Dune Analytics offers data queries for five blockchains including Ethereum, Binance Smart Chain, Xdai, Polygon, and Optimism. The company said it plans to “incorporate all Layer-1 and Layer-2 smart contract platforms.” Dune Analytics co-founder and CTO, Mats Olsen said that the data in the crypto ecosystem is “extremely valuable” and the firm hopes to boost the platform’s performance this year.

“Ever-increasing amounts of capital flows through the crypto ecosystem, in turn producing extremely valuable data. The Dune community is extracting knowledge from this data at scale. Dune will provide the necessary tools so that users of all skill levels will be able to conduct more thoughtful, impactful analysis and gain deeper insight into the ever-evolving world of Web3,” Olsen remarked in a statement sent to Bitcoin.com News.