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Dune Analytics raises $69,420,000 in its latest funding round 

Updated: Jul 25, 2024
Published: Feb 2, 2022
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On Wednesday, Dune Analytics announced the closing of a $69,420,000 funding round $1 billion valuation.

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Dune Analytics has expansion plans

The funding round was led by Coatue, with additional participation from existing investors, including Multicoin Capital and Dragonfly Capital. The platform plans to use the funds to expand to other blockchains, add additional tools such as API access, and launch a new data platform that will allow users to compare records across chains.

The latest funding round followed an $8 million Series A raised in August 2021. It looks like Dune Analytics has since become a fan of meme culture similar to exchange FTX, raising $420,690,000 last October. Nonetheless, the company's business model is certainly not a meme, as its valuation has skyrocketed in a short time, reaching unicorn status.

What is Dune Analytics? 

Fredrik Haga and Mats Olsen founded Dune Analytics in 2018 in Oslo, Norway. The platform they created allows you to create and instantly share analytics from Ethereum data. Smart contract data is converted into a human-readable format that users can query with SQL. However, the platform has already expanded beyond Ethereum. It currently supports data queries for five blockchains: Ethereum, Polygon, Optimism, Binance Smart Chain, and xDAI, with plans to include all Layer 1 and Layer 2 smart contract platforms.

According to the platform, more than 10,000 analysts have created 100,000 pieces of analysis on Dune, covering a wide range of metrics. Examples include industry-specific analytics such as OpenSea NFT trading volume and customized dashboards of financial reports such as P&L statements. But it's not just Dune that's hot Data platforms have been a particular target for venture capital funds lately. In December, Nansen raised $75 million, and in January, The Graph raised $50 million.

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