Jacquelyn Melinek

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 <li>Round comes six months after its $12 million Series A, since then the platform’s user base has risen over 400%</li>
 <li>Nansen expects 10% of its annual recurring revenue growth to be generated by its institutional segment this quarter, as its use cases grow</li>
 </ul>
 
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Blockchain data analytics platform Nansen raised $75 million in a Series B round, the company’s CEO and co-founder Alex Svanevik said to Blockworks.&nbsp;



The round was led by Accel, GIC, Andreessen Horowitz (<a href="https://cms.blockworks.co/a16z-launches-400m-seed-fund-to-expand-into-new-technology/" target="_blank" rel="noreferrer noopener">a16z</a>), Tiger Global, SCB and 10X. Other angel investors and venture capitalists also participated in the round.&nbsp;



This Series B comes six months after it raised <a href="https://cms.blockworks.co/andreessen-horowitz-leads-12m-funding-round-for-nansen/" target="_blank" rel="noreferrer noopener">$12 million for its Series A</a> in late June. Within that time frame, the company has expanded with 55 new employees across 28 countries and its user base has increased over 400%. In total, Nansen has raised $88.2 million, Svanevik said. 



“To accelerate Nansen’s next phase of growth, we intend to use the fresh capital to hire more team members across product, engineering, operations, finance, sales, and marketing,&#8221; Svanevik said. &#8220;Furthermore, we are now in a position to make strategic acquisitions that are complementary to Nansen,&#8221; he added. The funding will also be used to expand the platform’s features and multichain integrations internationally.



Its <a href="http://nansen.ai" target="_blank" rel="noreferrer noopener">platform</a> integrates on-chain data with a database of activity and movement across 100 million blockchain wallets, so that users can monitor real-time insights and transactions. Nansen also analyzes billions of on-chain data points and thousands of entities on blockchains like <a href="https://cms.blockworks.co/podcast-bitcoin-vs-ethereum-in-2022-avi-felman/" target="_blank" rel="noreferrer noopener">Ethereum</a>, <a href="https://cms.blockworks.co/polygon-acquires-mir-in-400m-deal-to-scale-ethereum-and-web3/" target="_blank" rel="noreferrer noopener">Polygon</a>, Binance Smart Chain, Fantom, Avalanche and Celo.&nbsp;



<figure class="wp-block-image size-large"><img decoding="async" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/2021-12-16-Nansen-founders-1024x654-1.jpg" alt="" class="wp-image-12738"/><figcaption>Alex Svanevik and Evgeny Medvedev, co-founders of Nansen&nbsp;</figcaption></figure>



The one-year-old company has experienced rapid growth and user adoptions among retail investors and <a href="https://cms.blockworks.co/wave-financial-ceo-institutional-adoption-of-bitcoin-defi-and-nfts-will-increase/" target="_blank" rel="noreferrer noopener">institutional investors</a> including Three Arrows Capital, DeFiance Capital, Genesis Block Ventures, Not3Lau Capital, Polychain, YBS Capital and Acheron Trading.&nbsp;



Additionally, the platform is used by crypto teams at <a href="https://cms.blockworks.co/axie-infinity-developer-scores-152m-in-series-b-funding-nearing-3b-valuation/" target="_blank" rel="noreferrer noopener">Axie Infinity</a>, Polygon, and Lido, and has had over 20 times increase in subscribers over the last year, it said.&nbsp;



“95% of Nansen users were individual innvestors before our Series A and the creation of an institutional team at the end of the summer,” Alexandre Caillol, the company’s head of institutional sales said to Blockworks.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“During Q4 2021, the team has met 100+ institutions from crypto-native [or crypto-curious] asset managers and banks, to DEXes and NFT-syndicated investment communities,” Caillol added.&nbsp;</blockquote>



During this current quarter, Nansen expects 10% of its annual recurring revenue growth to be generated by its institutional segment as its use cases grow beyond being a tool for “retail yield farmers and legendary NFT collectors,” Caillol said.&nbsp;



Going into 2022, Svanevik said the company plans to introduce new product lines such as Nansen API and Nansen Query, which will allow institutional clients to access its on-chain data programmatically.&nbsp;



“Nansen is building institutional-grade tools to support the future of finance, and we&#8217;re hiring actively for it,” Caillol said.



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Evgeny Medvedev

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