Dune Analytics raises $8M in new funding

The blockchain data analytics sector has seen much investment this year, with both Messari and Chainalysis also completing funding rounds

Ethereum data platform Dune Analytics announced yesterday the completion of a Series A funding round in which it raised $8 million. The round was led by Union Square Ventures and also saw the participation of Multicoin Capital, Dragonfly Capital and Redpoint Ventures.

Founded three years ago in Oslo, Dune Analytics came from humble beginnings with a mission to make crypto data freely accessible. Anyone can use the platform to create and share analysis of data from Ethereum.

Ethereum London hard fork happened 24 hours ago. Result achieved: 4700 ETH was burned ($13m equivalent) https://t.co/GgXY57YzAD @DuneAnalytics #EIP1559 pic.twitter.com/5F74BDRqAM

— Anton Bukov 🦇🔊 (@k06a) August 6, 2021

Platform users, known as Dune Wizards, can access data for free and transform it into queries, charts and dashboards. Metrics such as non-fungible token (NFT) trades, gas costs and decentralised exchange (DEX) volumes make up the more than 40,000 analyses available on Dune. Decentralised autonomous organisations (DAOs) have also begun leveraging Dune to develop live financial reporting.

With new cryptocurrencies and blockchain projects emerging on an almost daily basis, the amount of data available on public blockchains is growing exponentially, which means a greater need for an accessible way of analysing it.

Union Square Ventures partner Nick Grossman said in a blog post yesterday, “Crypto is moving faster every day, and the only way to keep up with it all is to leverage crypto’s core primitives: community and composability. Whatever is going on, now and in the future, you can be sure that someone is using Dune to help themselves, and the world, develop an understanding of it”.

We’ve seen a huge amount of investment in the crypto space this year, with institutions funding a wide range of crypto projects. With the rapid expansion of the crypto sector, many investors are also now seeing the value of blockchain data analytics.

Dune Analytics’ funding announcement yesterday comes on the heels of last week announcements of Messari’s $21 million Series A funding and Chainalysis’ valuation of more than $2 billion after its $100 million Series D financing round in March.