NFT and Web3 Technology Platform third site announced today that it has closed a $24 million Series A funding round, from investors including Haun Ventures, Coinbase joint venture, and Shopify with a valuation of $160 million.
Thirdweb helps companies build Web3 infrastructure layers and provides the means for applications — including games and NFT clubs — to work on different blockchains.
“We’re really just providing these best practice tools so teams don’t have to learn all the intricacies of blockchains,” said Furqan Rydhan, who co-founded the third site with Steven Bartlett.
Rydhan marked a recent rollout with Coinbase, where the third site helped the cryptocurrency exchange power drop weekly in its NFT marketplace. The third site’s other clients include New York Fashion Week and e-sports organization Fnatic.
Thirdweb says that more than 55,000 developers have used its tools over the past nine months, powering over 150,000 smart contracts across six different blockchains, with customer projects generating over 1, $5 million in combined weekly sales.
‘Haven’t seen any slowdown yet’
As the “crypto winter” continues, Web3 startups have only raised about $720 million in funding so far in Q3, as opposed to $6.6 billion in Q4. But B2B-focused companies like thirdweb are bucking the trend. In July, Information report that Mysten Labs, which is building a blockchain for decentralized applications, has been negotiating with investors for a new round at a $2 billion valuation.
“From a builder’s perspective, we haven’t seen any slowdown yet,” Rydhan said Luck, adding that he’s seen an acceleration in people building Web3 tools. “We are not affected by the downturn of the crypto market.”
Haun Ventures, crypto-focused venture capital firm was founded by former federal prosecutor Katie Haun, leading thirdweb’s funding round. Haun Ventures lift up $1.5 billion earlier in 2022, the largest debut fund ever by a solo female founder partner.
“Our mission is to drive the next generation of the Internet, and we believe third networks will play an important role in making that happen,” Haun said.
In 2021, the third site raised a $5 2021 seed round with the support of industry veterans including Gary Vaynerchuck and Mark Cuban.
Bartlett previously founded social media marketing company Social Chain, which reached a public market valuation of more than $600 million before Bartlett stepped down as CEO in 2019.
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