Two DJs, the president of Morgan Stanley, an e-commerce kingpin and a few other high-profile angel investors have joined the behind-the-scenes blockchain startup of Alchemy Insights’ $80 million Series B.
A source familiar with the matter told CoinDesk that Alchemy had reserved some of its Series B shares for future investors when it unveiled the round in April. The Bay Area company, which builds infrastructure and developer tools for consumer-oriented crypto companies, had a valuation of $505 million at the time.
“My heart bleeds a bit for developers and I have a lot of sympathy for dev tools that empower them better,” said Chainalysis CEO Michael Gronager, one of the angels.
Alchemy’s new investors include DJs 3LAU and Zedd, Morgan Stanley President and COO Vikram Pandit, Checkout.com CEO Guillaume Pousaz, Neythri Futures Fund, former Disney chairman Jeffrey Katzenberg and others.
Revenues for the four-year-old startup have increased tenfold in three months, the source said, as NFT-focused chains like Dapper Labs’ Flow and others hot protocols Like it polygon reported. Alchemy helps those companies handle their rapidly growing transaction volumes more efficiently.
That was a particular concern for NFT marketplaces serving the 2021 breakout crypto asset subsector. Bellwether OpenSea has processed more than $120 million in NFT trading volume so far this month, according to Dune Analytics, an industry follower. It is also an Alchemy customer.
“Their platform powers many of the best companies in the space, including all of the leading NFT firms,” said 3LAU, a DJ and proponent of all things crypto.
With $30 billion in transactions processed, Alchemy said it plans to drive further growth through New York City offices and a range of new partnerships and products.