‘Crypto AWS’ Alchemy Hits $3.5B Valuation in $250M Round Led by A16z

The venture giant invests in the kinds of companies Alchemy has called clients for years.

AccessTimeIconOct 28, 2021 at 1:00 p.m. UTC
Updated Oct 29, 2021 at 8:05 p.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Danny is CoinDesk's Managing Editor for special projects. He owns BTC, ETH and SOL.

Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Crypto infrastructure company Alchemy said Thursday it raised $250 million in a Series C round led by Andreessen Horowitz (a16z), valuing the company at $3.5 billion and padding an already hefty venture war chest for building out crypto’s Web 3 stack.

“We actually haven’t touched any of the money” from Alchemy’s $80 million Series B announced in March, said co-founder Joe Lau, “because we’re profitable as a business.”

Alchemy, which provides developer services to decentralized finance (DeFi), non-fungible token (NFT) and other crypto projects, is fast becoming the blockchain world’s version of Amazon Web Services (AWS).

Alchemy’s behind-the-scenes positioning makes it one of the most prolific rails for crypto infrastructure, though most end-users are unfamiliar with the brand. It focuses on Ethereum, its layers 2s and the Flow blockchain but has plans to stretch further.

Adding a big backer to Alchemy’s term sheet was as important as stocking extra cash, CEO Nikil Viswanathan said in an interview. Andreessen Horowitz (a16z) is one of crypto’s most active venture firms and invests in many of Alchemy’s clients.

“We power virtually every NFT [marketplace], we power the majority of DeFi, we power most of the top apps in this space,” Viswanathan said. “Working with a16z is just another extension for us, so that we can see all the early projects get onboarded.”

Added early investor Paul Veradittakit of Pantera Capital, “Alchemy pioneered the core developer platform that supports the entire blockchain industry.”

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Danny is CoinDesk's Managing Editor for special projects. He owns BTC, ETH and SOL.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


CoinDesk - Unknown

Danny is CoinDesk's Managing Editor for special projects. He owns BTC, ETH and SOL.