In a $60 million Series B financing, QuickNode, a provider of blockchain development tools and web3 infrastructure, reached an $800 million valuation.
Who Participated in the Fundraising Round?
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. Alex Nabutovsky, CEO and co-founder of QuickNode, said that Tapiero would be joining the board of directors.
About Series B Round
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 the company’s expanding clientele and rising demand for its services.
The Rise of QuickNode
The 3x increase in the firm’s sales also resulted in a rise in valuation from its previous fundraising round. According to Nabutovsky, the company had a value of $250 million when it obtained $35 million in Series A funding in October 2021.
According to Nabutovsky, the company will mostly hire developers as it wants to increase its existing workforce of about 120 employees to roughly 180 soon with the help of fresh funding. Nabutovsky, Miami-based QuickNode also intends to expand its global reach into Asia and Australia.
In the future, the company intends to decentralize its activities. To achieve this, it might introduce a native “governance token,” according to Nabutovsky. However, the company also has future intentions for a public listing.
“We are very much geared towards an IPO. The tokenization part will be a non-security token if that ever comes up.”
Alex Nabutovsky
About QuickNode
The company is creating the necessary infrastructure to support Web3 in the future. Since 2017, they have collaborated with numerous businesses and developers to expand dApps and offer high-performance access to more than 16 distinct blockchains.
References
www.theblock.co
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