Alchemy turns interest into $80m

Alchemy, the US-headquartered creator of a blockchain developer platform, secured $80m yesterday in a series B round featuring Stanford University and valuing it at $505m.
Coatue and Addition co-led the round, which included cryptocurrency exchange operator Coinbase and avatar development technology provider Genies, as well as DFJ Growth, the Glazer family, K5 Global, the Chainsmokers, Pantera Capital, SignalFire, Communitas Capital and private investors John Hennessy, Charles Schwab, Reid Hoffman and Jerry Yang.
Founded in 2017, Alchemy produces the infrastructure and developer tools required to power blockchain transactions across a range of areas including cryptocurrency exchanges and non-fungible tokens.
The series B proceeds will be allocated to growing Alchemy’s developer platform so it can work with additional blockchains, in addition to an international expansion drive which will involve it opening new offices in other countries as well as in the United States.
The company emerged from stealth in late 2019 with $15m from a series A round led by Pantera Capital and backed by Stanford University together with its StartX accelerator, Coinbase, consumer electronics producer Samsung, SignalFire, Mayfield Fund, Kenetic, Dreamers VC and various individuals.
– A version of this article first appeared on our sister site, Global Corporate Venturing.