Analytics Platform Dune Analytics Raises Nearly $70M in Series B Round, Led by Coatue

Ethereum-centric analytics platform Dune Analytics has raised $69,420,000 in Series B funding led by New York-based private equity firm Coatue.

According to the announcement, the funding will educate, reward and empower a new generation of web3 data analysts.

Dune will be committed to attracting one million talents from all over the world to join the web3 field and become the most convenient and powerful data tool on the planet from three aspects: education, reward and Empower.

For education, anyone can access blockchain data with Dune for free. At the same time, the creators will be paid according to the creative content.

Dune Analytics says a brand new Dune query engine is coming soon. The new search engine will support all blockchains and allow users to import public or private data.

Other investors include Multicoin Capital and Dragonfly Capital — who also participated in Dune Analytics’ $8 million Series A funding round on August 12 last year.

Dragonfly Capital Partners injected $2 million into it as the lead seed round investor on September 23, 2020.

Dune Analytics has raised a total of $79.4M in funding over 3 rounds. Dune Analytics is funded by 21 investors.

The company is currently valued at over $1 billion and achieves unicorn status with only 16 employees,

Unicorn refers to a technology start-up company that has been established less than 10 years ago but has a valuation of more than $1 billion ($1 billion) and has not been listed on the stock market

Image source: Dune Analytics


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Dune Analytics raises near-$70M in Series B funding round

Dune Analytics, a leading data analytics platform, has announced a capital raise of $69,420,000, in addition to a $1 billion-dollar valuation, the latter of which means that the company attained “unicorn” status, which describes privately-held startups that have attained a valuation of $1 billion or more. 

The Series B raise was led by New-York based private equity firm Coatue, with additional participation from previous investors Multicoin Capital and Dragonfly Capital, among others.

The raise succeeds the company’s seed funding round of $2 million in September 2020 — of which Dragonfly Capital Partners was the lead investor — and its follow-up Series A raise of $8 million in August 2021 led by Union Square Ventures.

According to the announcement, the capital will be utilized to “educate, reward, and foster a new generation of analysts, who will be empowered with real-time, actionable insights into web3 data.”

Dune Analytics is highly-regarded throughout the space for providing real-time, on-chain quantitative metrics, graphics and charts on the crypto, blockchain, decentralized finance (DeFi), and more recently, nonfungible token (NFT) markets. As of now, the platform publishes blockchain data from Ethereum, Polygon, Optimism, Binance Smart Chain and xDAI.

Related: Decentralized exchange aggregator trading volumes surge to new highs

In a new initiative to promote Web3, Dune is seeking to expand its existing community of 10,000 contributing analysts up to a figure of 1 million through the construction of a community-centric architecture that incentives contribution on the platform.

Referred to as Dune Wizards, this community of analysts will be responsible for creating compelling content in the pursuit of decentralizing knowledge, and in turn, empowering investors to make insightful, data-backed decisions. This marks an evolution of the walled-garden traditional financial market model in which Wall Street investors were granted informational advantages over their retail counterparts.

Dune co-founder and CTO Mats Olsen pledged the company’s intentions to build a community-centric model in the Web3 landscape:

“Dune will provide the necessary tools so that users of all skill levels will be able to conduct more thoughtful, impactful analysis and gain deeper insight into the ever-evolving world of web3.”