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Jafrin Ahmed
Feb 3, 2022
by Jafrin Ahmed

Dune Analytics Hits Unicorn Status After Raising $70M

Dune Analytics unicorn
Blockchain analytics firm Dune Analytics is the latest crypto firm to hit unicorn status ($1 billion valuation) after raising approximately $69,420,000 in a Series B round led by private equity firm Coatue with additional participation from Multicoin Capital and Dragonfly Capital.

With the new capital, Dune wants to empower its community of analysts or 'Dune Wizards' and pay them for creating dashboards. So far, Dune has had over 10,000 analysts compile 100,000 different pieces of information to create Web3 data charts. The firm plans to bring more analysts to the platform and reward them as the company believes that a large chunk of blockchain data is still largely underutilized.

“With this financing we’re doubling down on our mission to make crypto data accessible and are committed to bringing a million Dune Wizards to Web3,” the announcement post detailed.

In addition, the platform also wants to invest in educational resources so that anyone can learn to analyze blockchain data without having a prior technical background. It also plans to launch a highly requested API that allows developers to integrate the data into their own apps and platforms.

Creating New Wave of Web3 Content Creators

Founded in 2018, Dune lets users create data charts and dashboards on cryptocurrency metrics such as NFT statistics, Solana transactions, and decentralized exchange volume across five blockchain networks such as Ethereum, Polygon, Optimism, Binance Smart Chain, and Gnosis Chain (formerly xDAI) and plans to support more in the future.

The platform is accessible to the public for free, but it also has a paid product for customized data, for which it charges $390 per month per user.

The latest funding follows the company’s seed funding round of $2 million in September 2020 of which Dragonfly Capital Partners was the lead investor and its follow-up Series A raise of $8 million in August 2021 led by Union Square Ventures.

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Dune Analytics Hits Unicorn Status After Raising $70M
Jafrin Ahmed
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

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