Jacquelyn Melinek

<div id="highlights-block_61f9a7df672bd" class="highlights">
 <ul>
 <li>To date, over 10,000 analysts have created about 100,000 queries on Dune’s platform consisting of metrics on OpenSea NFTs to customized balance sheets for DAOs</li>
 <li>“It’s a clear validation of how big this opportunity is and the $1 billion displays how much the sentiment around the whole space has changed,” co-founder Fredrik Haga said</li>
 </ul>
 
</div>



About two years ago, Dune Analytics co-founders Fredrik Haga and Mats Olsen took a trip to San Francisco to gather investors to close a $1 million seed round.



At the time, no one wanted to participate, Haga told Blockworks.&nbsp;



Fast forward to today, the Oslo, Norway-based company just closed its $69,420,000 Series B round, which raised its valuation to $1 billion. 



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“It’s a clear validation of how big this opportunity is, and the $1 billion displays how much the sentiment around the whole space has changed,” Haga said. </blockquote>



Similar to <a href="https://cms.blockworks.co/sam-bankman-frieds-ftx-raises-precisely-420-69m/" target="_blank" rel="noreferrer noopener">FTX&#8217;s $420.69 million raise</a> in October, Dune&#8217;s funding round was totaled at those exact numbers for a playful effect, Haga said, giving homage to 420, which references the date April 20th — a holiday celebrating marijuana — and 69, which symbolizes something else you can Google.



The capital raise was led by Coatue with participation from existing investors like <a href="https://cms.blockworks.co/?s=multicoin#:~:text=Multicoin%20and%20Kraken%20Invest%20Millions%20in%20Crypto%20Startups" target="_blank" rel="noreferrer noopener">Multicoin Capital</a> and Dragonfly Capital. In total, Dune has raised almost $80 million, Haga said.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="683" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/02/20210812_Dune_18-1-1024x683.jpg" alt="" class="wp-image-16607" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/02/20210812_Dune_18-1-1024x683.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/20210812_Dune_18-1-1024x683.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/20210812_Dune_18-1-1024x683.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/20210812_Dune_18-1-1024x683.jpg?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/20210812_Dune_18-1-1024x683.jpg?w=2048 2048w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/20210812_Dune_18-1-1024x683.jpg?w=385 385w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/20210812_Dune_18-1-1024x683.jpg?w=391 391w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/20210812_Dune_18-1-1024x683.jpg?w=328 328w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/20210812_Dune_18-1-1024x683.jpg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/02/20210812_Dune_18-1-1024x683.jpg?w=50 50w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Mats Olsen, Dune co-founder and CTO (left) and Fredrik Haga, Dune co-founder and CEO; Source: Dune Analytics</figcaption></figure>



Dune provides on-chain crypto data tools that allow users on its community-driven platform to extract and query data to create real-time dashboards on five blockchains: <a href="https://cms.blockworks.co/?s=ethereum#:~:text=ConsenSys%20Acquires%20Open%20Source%20Ethereum%20Wallet%20to%20Expand%20MetaMask" target="_blank" rel="noreferrer noopener">Ethereum</a>, Polygon, Optimism, Binance Smart Chain and Gnosis Chain (formerly xDAI).&nbsp;



With the new capital, Dune will create an infrastructure that distributes financial rewards to content creators on the platform and attract up to 1 million additional Web3 analysts into its community.



“It’s hugely important to have the right tooling and also educate, reward and empower,” Haga said. “There are several individuals and companies building a business on top of Dune already. We want to further enable this and build the pipeline and more infrastructure.”&nbsp;



To date, over 10,000 analysts have created about 100,000 queries on Dune’s platform, ranging from metrics on <a href="https://dune.xyz/rchen8/opensea" target="_blank" rel="noreferrer noopener">OpenSea NFTs</a> to customized balance sheets for DAOs.&nbsp;



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">“This is an open opportunity,” Haga said. “Before this, data was used inside product teams or a set of analysts or banks had closed access to data. Now it’s open by default and has a public backend that people can create on.”&nbsp;</blockquote>



In the future, the platform also plans to add “all major blockchains” and incorporate layer-1 and layer-2 smart contract platforms as well, Haga said.&nbsp;



“As the space evolves, all these elements become more tangible,” he said. “So much has changed in the past year and with all the activity going on in Web3, it’s a tremendous opportunity.”



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