Blockchain Provider Venly Nabs $22M in Series A to Build Web3 Products

The company said it wants to provide game studios and publishers a “no-code” solution for Web3 users and startups


Blockworks exclusive art by axel Rangel


key takeaways

  • Belgium-based Venly will use the funds to grow its team, develop Web3 products and establish an accelerator track
  • Venly develops blockchain-based products including a digital wallet, NFT tools and marketplace services for companies such as The Sandbox and Shopify

Belgium-based blockchain technology provider Venly has scooped up 23 million euros ($22.1 million) in a Series A funding round led by Courtside Ventures with the capital intended for the development of its Web3 products.

The latest round raises Venly’s post-money valuation to over $100 million, a company spokesperson told Blockworks.

Transcend Fund, Coinbase Ventures, Tioga Capital, High-Tech Gründerfonds, Fortino Capital, Plug and Play, LeadBlock Partners, Imec.istart and Alpaca VC also participated, according to a Wednesday press release.

Venly said it will use its fresh capital to research and develop products that would benefits users engaging with Web3 infrastructure, with a focus on gaming and e-commerce.

Previously known as the Arkane Network, Venly develops blockchain-based products including a digital wallet, NFT tools, and marketplace services for companies such as The Sandbox, Aavegotchi, Bondly and Shopify.

The budding company clocks around two and a half million wallet downloads annually and employs around 39 people, the spokesperson said.

Venly said it intends to provide game studios and publishers with a “no-code” solution for Web3 users, further its e-commerce NFT (non-fungible token) integrations with Shopify.

“The problem today is that most developers and end-users have difficulty interacting with Web3 technology,” Venly CEO Tim Dierckxsens said. “It needs to be more aligned with Web2 usability, which is exactly what the Venly platform provides.”

An accelerator track for game studios and Web3 startups will also be established, offering support and investment from the firm’s team and ecosystem of partners, per the release.

“The Venly platform provides game developers the ability to easily launch Web3 experiences,” Kai Bond, partner at Courtside Ventures, said. “We…believe that the next huge area of growth in the NFT ecosystem will come from mainstream users interacting with their favorite IP.”

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Unlocked by Template.png


With the spot ETH ETF approval, the institutions are coming. stETH - given its dominance in marketshare, existing liquid market structures, and highly desirable properties - is poised for institutions.


Trump insiders say he will dismantle the anti-crypto army within an hour of taking office, but the campaign has been quiet about how it plans to do so


Plus, Solana set a record for weekly unique active addresses on the network last week


Launching cryptocurrencies the old fashioned way may soon make a return


Kraken and CertiK brought their beef to social media after Kraken said researchers exploited $3 million through a bug


NVIDIA’s historic run is only deepening the divide between mega-cap tech stocks and the rest of the market.