Key Points:
- QuickNode, a provider of blockchain development tools and web3 infrastructure, reached a $800 million valuation.
- QuickNode was established in 2017 and offers multi-chain development tools for 16 different blockchains. Web2 and Web3 clients of the business include BNY Mellon, Samsung, LG, Coinbase, Chainalysis, and 1inch Network.
- Miami-based QuickNode also intends to expand its global reach into Asia and Australia.
In a $60 million Series B financing, QuickNode, a provider of blockchain development tools and web3 infrastructure, reached a $800 million valuation.
According to QuickNode, the round was led by Dan Tapiero’s 10T Holdings and included participation from Tiger Global, Protocol Labs, QED Investors, Alexis Ohanian’s Seven Seven Six, and others. According to the agreement, Alex Nabutovsky, CEO and co-founder of QuickNode, Tapiero will be a member of the company’s board of directors.
During the fallout from FTX, QuickNode was able to raise money. According to Nabutovsky, the company started gathering money for the Series B round in September and completed it in December. Nabutovsky stated that this was made possible by QN’s expanding clientele and rising demand for its services.
He claimed that Q3 and Q4 of 2022 were also record quarters for QN. “Demand and growth were astronomically high. Nearly the previous year, our revenue increased by over 300%.”
QuickNode offers multi-chain development tools for 16 different blockchains
Web2 and Web3 clients of the business include BNY Mellon, Samsung, LG, Coinbase, Chainalysis, and 1inch Network.
The 3x increase in QN‘s sales also resulted in a rise in valuation from its previous fundraising round. According to Nabutovsky, the company had a $250 million market value when it raised $35 million in Series A funding in October 2021. To put things in perspective, Alchemy, QuickNode’s closest rival, was valued at $10.2 billion in February 2022.
According to Nabutovsky, QN will mostly hire engineers as it wants to increase its existing workforce of about 120 employees to roughly 180 in the near future with the help of fresh funding. According to Nabutovsky, Miami-based QuickNode also intends to expand its global reach into Asia and Australia.
Future decentralization of QuickNode’s operations is another goal. To achieve this, it might introduce a native “governance token,” according to Nabutovsky. However, the business also has future intentions for a public listing. Nabutovsky stated, “We are very much geared towards an IPO.” If tokenization ever becomes necessary, it will use a non-security token.
According to Nabutovsky, QN might raise a Series C investment before filing for an IPO.
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