Home News Dune Analytics raises near-$70M in Series B funding round

Dune Analytics raises near-$70M in Series B funding round

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Dune Analytics, a premier data analytics platform, has raised $69,420,000 in a new round of funding. Furthermore, the company is valued at $1 billion. The latter indicates that the company has achieved “unicorn” status, which refers to privately held startups valued at $1 billion or more.

In fact, Coatue, a New York-based private equity firm, led the Series B financing round. Multicoin Capital and Dragonfly Capital, among others, have contributed to the project as well.

Besides, the fundraising follows the company’s $2 million seed round in September 2020, headed by Dragonfly Capital Partners, and its $8 million Series A round in August 2021, led by Union Square Ventures.

The funds will be used to “teach, reward, and cultivate a new generation of analysts, who will be armed with real-time, actionable insights of web3 data,” according to the release.

On the other hand, Dune Analytics is well-known in the cryptocurrency, blockchain, decentralised finance (DeFi), and, more recently, nonfungible token (NFT) sectors for delivering real-time, on-chain quantitative measurements, visuals, and charts. The platform now supports Ethereum, Polygon, Optimism, Binance Smart Chain, and xDAI blockchain data.

Expanding trails

Dune is attempting to grow its present community of 10,000 contributing analysts to a million through the creation of a community-centric design that incentivizes contribution on the platform as part of a new campaign to promote Web3.

Additionally, this community of analysts, dubbed Dune Wizards, will be in charge of providing attractive material. With the objective of decentralising knowledge. And, as a result, empowering investors to make informed, data-driven decisions. Significantly, this is a step forward from the conventional financial market concept of a walled garden. In which Wall Street investors had informational advantages over their retail counterparts.

Mats Olsen, co-founder and CTO of Dune, promised that the company would establish a community-centric approach in the Web3 landscape:

“Dune will provide the tools needed for users of all skill levels. In order to perform more meaningful, effective analysis and acquire deeper understanding into the ever-evolving world of web3.”

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