Crypto Development Platform Thirdweb Gets Backing From Katie Haun For A $160 Million Valuation

Other $24 million Series A investors include Coinbase Ventures and Shopify.

Thirdweb, a platform for web3 application developers, raised $24 million in a Series A round at a valuation of $160 million. The financing was led by Haun Ventures, the investment firm launched earlier this year by former Andreessen Horowitz (a16z) partner Katie Haun.

Thirdweb provides pre-built, audited smart contracts that serve as a quick start guide for developers who want to securely build and deploy applications on blockchains and then manage the associated analytics. Potential uses include blockchain gaming and non-fungible token (NFT) drops.

Katie Haun is a former federal prosecutor who left a16z in December to start her own business. Haun Ventures became a top cryptocurrency early on, raising $1.5 billion in March for two new venture capital funds. Two months later, his former company a16z broke industry records with $4.5 billion pledged to its fourth crypto fund, despite the global bear market.

“From our perspective, we haven’t really seen much impact on our customers or the developers building these projects,” thirdweb co-founder and CEO Furqan Rydhan said in an interview with CoinDesk, referring to the tumultuous waters of late cryptography. . . “It’s really exciting, whether it’s a bear market in terms of price or not, that we’ve continued to see strong growth and have been able to show that as part of the benefit of this cycle. »

Web3 development tools

Thirdweb was founded in 2021 by Rydhan and Steven Bartlett. Rydhan was the founding CTO of the app marketing platform AppLovin and currently invests in and helps grow Web3 startups through Founders, Inc. Bartlett founded the social media marketing agency Social Chain and is a panelist/investor on the UK reality TV show ‘Dragon’s Den’ (similar to CNBC’s ‘Shark Cage’).

“We are targeting a software development kit for developers who want to build Web3 apps for projects such as NFT projects and marketplaces,” Rydhan said. “We are bridging that gap between infrastructure, such as blockchains and node providers, and real applications. »

Thirdweb tools have been used by global brands such as Buy Now, Pay Later Platform Afterpay and New York Fashion Week, and the startup has a partnership with Coinbase’s NFT marketplace. According to the company, more than 55,000 developers have used third-party web tools to build apps in the past nine months.

In December last year, thirdweb raised $5 million in a seed funding round that included well-known entrepreneurs Gary Vaynerchuck and Mark Cuban.

Other investors in this latest round of fundraising included the venture capital arm of cryptocurrency exchange Coinbase (COIN), e-commerce giant Shopify, crypto developer Protocol Labs, online dating system blockchain-scale Polygon, Shrug VC and Joseph Lacob, a partner at the famed venture capital. Kleiner Perkins firm. .

Thirdweb will use the new capital for product development and hiring sales, sales and marketing teams, Rydhan said. The technology currently supports several Ethereum Virtual Machine-compatible blockchains, and the funding will support additional blockchains in the near future.

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