Participating in the fundraising were leading VC firms like Accel, Andreessen Horowitz (a16z), GIC, SCB 10X, and Tiger Global also contributed to the fundraising, which came to a total of $75 million.
Series B Funding Raises $75M
The Singapore-based blockchain analytics firm conducted the Series B funding round on December 16. The VC company Accel led the financing round, while others like a16z, Tiger Global made significant contributions. The company is planning to channel the funds raised to expansion projects focusing on its analytics platform to protect users’ crypto assets. Nansen already analyses on-chain data, wallet labels, and entities on blockchains like Ethereum, Polygon, Binance Smart Chain, Fantom, Avalanche, and Celo. On top of that, it also keeps records of DeFi projects and NFT trades. Some of the more popular clients that use Nansen’s services include DeFiance Capital, Genesis Block Ventures, Polygon, and the team behind Axie Infinity.
Nansen Preps For Expansion
Adding the amount from the latest financing, Nansen has raised a total of $88 million to date. In less than two years of functioning, the blockchain startup raked in $12 million in its Series A round led by a16z in June, and an additional $75 million in its Series B round. Its plans of business expansion will include hiring more talent and acquiring companies to infuse more complementary data assets and value to the current organization. The Nansen team also plans to launch new products, like its latest function that allows users to function like data analysts on their own customized dashboards. Finally, the funding will also support Nansen’s plans to begin tracking Web 3.0 gaming next year.
CEO Talks Future Plans
Nansen co-founder and CEO Alex Svanevik announced news of the successful funding round on Twitter, and discussed the multiple open roles in the company that they are looking to fill with the help of the funds raised. Additionally, in discussion with DealStreetAsia, Svanevik also talked about the onboarding of strategic backers with experience scaling SaaS companies because of the latest funding round.
Svanevik stated,
“We want Nansen to be a sort of gateway into the crypto world, both for individuals and institutions. If you’re an institutional player from the traditional finance world, having high-quality information is probably the first thing that you will get before diving into this world. There’s effectively no institutional player that’s just going to dive headfirst into crypto.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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