According to The Block, the round was led by Dragonfly, with participation from Hashed, Multicoin Capital, Semantic Ventures, Alameda Research, Coinbase Ventures, Coingecko, and Digital Currency Group.
The funding round also included some investors in the cryptocurrency ecosystem such as Aave’s Stanislav Kulechov, Gnosis’s Stefan George, among others.
Dune Analytics co-founder Fredrik Haga said in an interview that the innovation that brought about the firm started between him and co-founder Mats Julian Olsen, when they were still working together at a media company based in Norway.
Speaking to The Block, he said, “The key insight we’ve had along the way that’s made Dune so powerful is that when you open it up and just say, ‘This is free and open to the community’ and people can build on each other… That turns into something very powerful, as opposed to sort of a walled garden where only you internally or the customers alone in the siloed fashion interact with the data.”
According to Haga in the interview, these customers include the “easy to reach out to and convince” seed round investors.
He further stated that the funds are needed to scale the team to support the growth of the site and to also meet the demands of the increasing user base.
“We’re in the position where people are begging us for features, and as a two-man team, we simply can’t deliver on the things our users want. It was very obvious that we would need to scale up the team to serve the demand we’re seeing.
“We’ll definitely be a bigger team. Still fairly contained. Like, a two-pizza team, let’s put it that way.
“So I think, really, growing the team and building more powerful tooling for the community. Having a product that’s more engaging, easier to get started with, and also that allows you to do more powerful analysis and interact with others in an easier manner than you can today.”
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