Biconomy Raises $9M in Private Funding, Aims to Simplify Crypto Transactions

Prior to this round, Biconomy raised $1.5 million in a seed round back in Q4 2020, CEO Ahmed Al-Balaghi said in an interview with Blockworks.

article-image

Biconomy CEO Ahmed Al-Balaghi

share

key takeaways

  • The new round of funding will help the company scale its current products, community growth and ensure its multi-chain transaction infrastructure for its Web 3.0 applications
  • Looking toward the future, Al-Balaghi said the company is planning to “tap deeply into the different chain ecosystems”

Biconomy raised $9 million in a private funding round led by Mechanism Capital and DACM to develop its multichain relayer network, the company said. 

The two-year-old company focuses on a multichain relayer infrastructure network and translation platform that helps Web 3.0 developers build applications.

Investments for the funding also include Coinbase Ventures, Coinfund, True Ventures, Bain Capital Ventures, NFX, Proof Group, Ledgerprime, Huobi Innovation Labs, Primitive Ventures, Genblock and Rarestone Capital. This round also includes participation from previous investors including Woodstock Fund, Eden Block, and Zee Prime Capital.

Prior to this funding, Biconomy raised $1.5 million in a seed round back in Q4 2020, CEO Ahmed Al-Balaghi said in an email to Blockworks. 

To date, Biconomy has raised a total of $10.5 million and has processed over 3.6 million mainnet transactions, which represent a transaction volume of $572 million for over 30 live integrations on all major chains.  

The new round of funding will help the company scale its current products, community growth and ensure its multi-chain transaction infrastructure for its Web 3.0 applications, the company said. 

Every crypto interaction is complicated, whether it’s simple tasks like buying and selling or complex interactions through a variety of decentralized finance contracts or applications, these are major roadblocks to mainstream adoption since most people can’t figure it out, Al-Balaghi said.

“We want to make it easy for dApp [decentralized apps] to bring the simple and familiar Web 2.0 experiences to the Web 3.0 world,” Al-Balaghi said. 

For this round, Al-Balaghi said investors are hoping to use the capital to grow one of Biconomy’s established products, Gasless, and to start building out the multichain relayer protocol. 

“The key thing here is that [investors] believe in the vision that currently the crypto transactional layer is not fit for the mainstream and there’s a long way before we hit real mainstream adoption,” he added. 

Looking toward the future, Al-Balaghi said the company is planning to “tap deeply into the different chain ecosystems.” 

Biconomy is already live on Polygon (Matic), xDai, Binance Smart Chain, Avalanche, Moonbeam, Edgeware and Arbitrum, but, for the rest of the year it will focus on the dApp ecosystem, but it depends on the developer activity they observe, he added. 

Biconomy’s raise adds to a slew of other funding news this week, including Fireblocks, Eco, Saber Labs, Hedgehog and Valora, the latter of which is focused on simplifying how people can save, spend and send cryptocurrencies.

Want more investor-focused content on digital assets? Join us September 13th and 14th for the Digital Asset Summit (DAS) in NYC. Use code ARTICLE for $75 off your ticket. Buy it now.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (1).jpg

Research

With $13B in tokenized assets, strong institutional partnerships, and a clear first-mover advantage in the RWA space. The platform's methodical approach to regulatory compliance, coupled with its hybrid public-private architecture, positions it uniquely to capture significant market share in the emerging tokenization landscape. While current fee generation primarily stems from metadata transactions, the planned launch of Figure Markets, major exchange listings, and comprehensive market-making initiatives in 2025 could serve as powerful catalysts for growth.

article-image

Perena is built on the premise that as stablecoins proliferate, liquidity could fragment, and stablecoins aren’t useful if they aren’t liquid

article-image

From hackathons to trading tools and DAO governance, AI agents are redefining how we build and innovate

article-image

CME’s large bitcoin contracts are so big that investors are turning to micro bitcoin contracts

article-image

The third-largest stablecoin is going multichain for the first time in its seven-year history

article-image

Nano Labs’ news release notes confidence in bitcoin being “a reliable store of value amidst its rising global adoption”

article-image

Several big companies report third quarter earnings this week, likely moving markets