Feb 8, 2022 - Economy

Blockchain infrastructure company Alchemy raises $200 million

Illustration of a dollar bill being broken up into binary code

Illustration: Sarah Grillo/Axios

Alchemy, which provides software infrastructure for cryptocurrency development and billing itself as the "Amazon Web Services for Web3," has raised $200 million additional Series C funding led by Lightspeed Venture Partners and Silver Lake at a $10.2 billion valuations.

Why it matters: The company told Axios that it's already profitable and hasn't touched any of its cash since raising a Series B last April. It will use its new funding to expand its reach.

The big picture: Alchemy pointed to its widely available free tier of services for users that's used even by some of its biggest customers. (It declined to share what portion of its users are using its free tier but pointed to its profitability as a sign that it's not giving away services unsustainably).

  • It also plans to expand its early-stage investing via Alchemy Ventures, for which it initially earmarked $10 million to back blockchain startups and projects, though the company declined to share a new investment figure.
  • Alchemy says it has backed a range of startups, from entrepreneurs with less access to venture investors, to high-profile companies like music NFT company Royal.

What they're saying: "Everything we do around investing in the community, it's all based on, 'how do we help bring new products to the world,'" co-founder and CEO Nikil Viswanathan told Axios.

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