Crypto analytic firm Messari announced that it has secured $35 million in a Series B funding round. Markedly, the Series B round was led by a new investor Brevan Howard Digital.
Noteworthy, this announcement was made at the Mainnet 2022 Summit alongside the announcement of the launch of two products. Precisely, the two new products are Protocol Metrics and Data App. Per the published announcement, the target use of the fund was explicitly stated.
Specifically, the Messari Series B fund will be employed to “expand Messari’s growing team and continue to develop Messari’s offerings, including its newly-launched products, Protocol Metrics, and Data Apps.” This funding round has raised the company to a valuation of $300 million.
Other new investors who participated in the round include Morgan Creek Digital, Samsung Next, and FTX Ventures.
Likewise, existing investors in the round were Point72 Ventures, Kraken Ventures, Uncork Capital, Underscore VC, Galaxy, and Coinbase Ventures. Ryan Selkis CEO and Co-founder of the crypto intelligence platform celebrated the partnership with the investor in the round. “We’re excited to welcome a remarkable group of investors as partners in our next phase of growth,” Ryan said.
We are committed to providing investors, crypto enterprises, and token communities with the tools they need to participate in the crypto economy. This new funding will help us grow our team, expand internationally, and invest in new data offerings and tools that complete our market-leading product suite.” He continued.
Messari Prepared For Its Series B Round
The Fund was initially announced in August by CEO Ryan Selkis.
“We’ve scaled to 130 people on zero net-operating burns, had a record July, and are hiring $35 million worth of developers to help bring transparency and an institutional-grade data tool to the crypto market,” he said, speaking of the secured fund back in August.
Many other crypto firms have concluded quite a number of Series B funding round. Majorly, they either use the fund to upscale their product offerings or to expand their teams.
In April, London-based fraud detection company Seon closed a round with $94 million. It planned to utilize the fund in improving fraud detection by the introduction of new tools. Similarly, BloXroute raised $70 million in a Series B round with Softbank Vision II fund. The blockchain firm used the fund to expand its team by hiring 70 more employees.