San Francisco-based crypto giant Alchemy announced this week that it raised $200 million in a new round of financing co-led by Lightspeed and Silver Lake. The Series C-1 sent its valuation soaring to $10.2 billion, solidifying the company’s status as a decacorn.
The new number is more than twice the size of Alchemy’s last valuation. In October, the company grabbed $250 million in a financing round that valued it at just $3.5 billion.
Founded in 2017, Alchemy has quickly become a Web3 titan. Web3 is commonly used as a blanket term to describe anything built on blockchain.
“Blockchain applications could change the world, but that [doesn’t] matter if people [can’t] build them to begin with,” Nikil Viswanathan, CEO of Alchemy, said in a statement.
Alchemy is on a mission to make blockchain development accessible by providing developers with all of the tools they need on one platform. These tools can be used to build decentralized apps on Ethereum and other blockchain networks. One such app is NBA Top Shot, where users can trade digital sports cards in NFT form.
“We realized the promise of blockchain would only play out if developers had the tools that they needed, and since those tools weren’t there already, well, we would build them,” Viswanathan continued.
Following the latest raise, Alchemy plans to invest in its product and expand the size of its team. The crypto giant is mounting a major hiring effort and currently has 60 roles up for grabs. Available positions span the company’s engineering, product and finance teams, to name a few.
Alchemy has raised $563.9 million in venture capital financing to date, according to Crunchbase.
