Web3 unicorn Alchemy raises for new venture capital fund

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Development platform Web3 Alchemy is seeking to raise $12 million for a venture capital fund, according to a new filing with the Securities and Exchange Commission.

Alchemy co-founder and chief technology officer Joseph Lau is listed as managing director of the Alchemy SPV III fund, according to the filing.

The startup took the step of becoming a unicorn in October with fundraising led by Andreessen Horowitz. A unicorn is a private company worth more than $1 billion.

Then, in December, Alchemy announced the launch of its Ventures branch to invest in “teams that create breakthrough products for the Web3 ecosystem”. Venture capital partners are a16z, Lightspeed, Coatue and Altimeter.

Alchemy declined to comment on the increase.

A web3 unicorn

The new fundraising follows Alchemy first acquisitionwhich took place end of August. The company acquired Ethereum developer and education platform Chain shooting. The terms of the agreement were not disclosed.

Founded in 2017 by Nikil Viswanathan and Joseph Lau, Alchemy provides APIs for businesses looking to grow their blockchain services. APIs provide access to data, such as information about the functionality of blockchain nodes and non-fungible tokens (NFTs).

Adobe, Meta, Dapper and Aave are some of the companies that use Alchemy’s services, according to its website.

The company raised $200 million in a round led by Lightspeed and Silverlake in February, bringing its valuation to $10.2 billion.

Upon relaunch, Alchemy told the Bloc that it had not yet tapped into the reserves it had accumulated through previous increases.

Alchemy’s Risk Arm

For Alchemy’s new fund, no funds have been raised and no investors are on board yet, according to the filing.

Alchemy risk arm has previously invested in companies such as crypto exchange FTX, scaling solution Arbitrum, and token management tool Alta.

Globally, venture capital funding in the blockchain sector has plummeted over the past five months, according to data from The Block Research. However, infrastructure investments are bucking the trend, with the highest concentration of start-up deals since January 2021, the data shows.


Blockchain seed and pre-series A offeringsblock search

Blockchain Seed and Pre-Series A Offerings from The Block Research

© 2022 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended for use as legal, tax, investment, financial or other advice.

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