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

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.”

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