4. February 2023

QuickNode Raises $60M to Expand Web3 Infrastructure Services

• Blockchain development platform QuickNode has closed a $60 million funding round, led by 10T Holdings, with participation from Tiger Global, Seven Seven Six and QED.
• This Series B raise valued QuickNode at $800 million and will fund its global expansion and streamline transition to Web3 applications.
• The company currently provides infrastructure services for over 16 blockchains and has seen a 400% increase in its user base since October 2021.

Blockchain development platform QuickNode has raised $60 million in a Series B funding round, valuing the company at $800 million. 10T Holdings led the funding round, with participation from Tiger Global, Seven Seven Six and QED. The capital will be used to fund QuickNode’s global expansion and streamline transition to Web3 applications.

QuickNode is a blockchain development platform that provides infrastructure services for over 16 blockchains, including Ethereum, Matic, Optimism, Arbitrum and Solana. The company has seen a 400% increase in its user base since October 2021 and is now pivoting sharply into Web3, a sector that has attracted keen venture capital interest.

The $60 million funding round will enable QuickNode to expand its operations and onboard more users and developers to Web3 applications. The company’s management said the capital will also allow them to provide developers with the deployability required to transition new blockchain users.

This is QuickNode’s most significant funding round since the company raised $35 million as a seven-month-old startup last October. This latest funding round is indicative of the growing venture capital interest in Web3, with Hong Kong investment fund HashKey Capital recently closing a $500 million funding round to back up-and-coming projects in the Web3 arena.

When asked about the current environment for venture capital, QuickNode’s chief operating officer Jackie Kennedy told Cointelegraph: “The funding climate has indeed shifted where funds are changing their criteria and focusing more on the customer traction and product market fit.”

This investment will further strengthen QuickNode’s position within the blockchain development space and provide the company with the resources it needs to continue to grow and expand its operations. With the Web3 sector continuing to garner venture capital interest, this recent funding round is just the start for QuickNode as the company looks to take advantage of the growing demand for blockchain infrastructure services.