Cision PR Newswire
QuickNode Raises $60M Series B Round To Further Fuel Blockchain Adoption
News provided byQuickNode
Jan 24, 2023, 9:00 AM ET
Funds will be used to fuel QuickNode's next phase of growth and development
MIAMI, Jan. 24, 2023 /PRNewswire/ -- QuickNode ("the Company"), the leading end-to-end development platform for Web3 builders, today announced the closing of a $60 million Series B funding round led by 10T Holdings with participation from Tiger Global, Seven Seven Six, Protocol Labs, and QED, among others, valuing QuickNode at $800M. This latest round will be used to accelerate the Company's global expansion and further empower the builders laying the groundwork for a decentralized, globally-connected future.
Since its founding in 2017, QuickNode has established itself as a leader for businesses and innovators requiring resolute blockchain development tools that consistently rate best-in-class for speed, reliability, and security. The Company successfully handles billions of blockchain calls daily with 2X faster response time than competitors and 99.99% uptime across 16 chains and 33 networks. In addition, QuickNode's user-friendly interface and robust, multi-chain developer tool suite have made it the preferred choice of top Web3 businesses and the biggest global brands.
Alex Nabutovsky, CEO and co-founder of QuickNode, commented on the announcement, "At QuickNode, we firmly believe in Web3 as the future of the Internet. Blockchain adoption and development continue to increase year-over-year, and we expect continued momentum in the space."
With this funding, QuickNode will help streamline the Web2 to Web3 movement at scale by providing developers with the education, performance, reliability, and deployability required to onboard the next billion blockchain users. QuickNode also plans to double down on continuing to hire the best minds across the globe, hosting community-driven events and workshops, and developing cutting-edge Web3 offerings such as QuickNode Marketplace.
"The industry is about to enter its next era, and with this raise, we are preparing for mass adoption of blockchain technology in 2023 and throughout the rest of the decade. We are proud to help our customers scale to their full potential and move the industry forward," said Nabutovsky.
Despite challenging markets in the broader Web3 space in 2022, QuickNode has seen remarkable growth over the past year with its revenue growing more than 300%. "Many of our customers have said it best "In a bear market we build" and we've been thrilled with the adoption we're seeing on QuickNode, especially over the last few months," said Nabutovsky.
This Series B funding round led by 10T Holdings comes just over a year after QuickNode announced a $35 million Series A funding round led by Tiger Global in October 2021. In that time, the Company has grown its user base by over 400% and expanded the team by hiring more than 90 new team members across eight countries. QuickNode currently provides industry-leading blockchain infrastructure on over 16 blockchains, including elastic APIs, powerful analytics, and expert-crafted resources that enable a wide range of use cases — all backed by end-to-end support and world-class, SOC 2 certified security.
Dan Tapiero, Managing Partner and CEO, 10T Holdings, commented, "We are thrilled to partner with QuickNode, whose fast and reliable node infrastructure and easy-to-use platform enable developers to build scalable applications that facilitate user interactions with blockchains. The Company continues to experience tremendous, resilient revenue and customer growth, and I look forward to joining QuickNode's Board of Directors to help support its ongoing expansion."
Alexis Ohanian, Founder, Seven Seven Six, added: "The long-term health and success of Web3 are dependent on scalability, accessibility, and interoperability. QuickNode is one of the rare companies that both keeps pace with the velocity of the Web3 space while continuously pushing it forward. Having invested early in the company's seed round, we're excited to be a part of QuickNode's Series B and believe that its foundational technology and platform is building not only to meet the current needs of top Web3-native companies and flagship global brands but also those of the future decentralized web."
Christian Limon, Principal, QED Investors, commented, "QED could not be more excited to join QuickNode on the next phase of its incredible growth journey as blockchain technology moves into a new era of mass adoption. It's one of the rare companies that can keep pace with the velocity of innovation while simultaneously prioritizing laying a solid foundation that an entire ecosystem – as well as hundreds of millions of future users – can rely on. We're not only impressed by QuickNode's consistency and high-performance, but we truly respect and admire the team that Alex has assembled."
QuickNode is building infrastructure to support the future of Web3. Since 2017, they've worked with hundreds of thousands of top developers and companies, helping scale dApps and providing high-performance access to 16+ blockchains.
M Group Strategic Communications (on behalf of QuickNode)
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