Web3 app development platform thirdweb_ has raised $24 million in funding at a $160 million valuation, led by HaunVentures. BrandyBetz reports
“From our standpoint, we haven’t really seen much of an effect on our customers or the developers building these projects,” thirdweb co-founder and CEO Furqan Rydhan said in an interview with CoinDesk, referring to the rough waters for crypto of late. “It’s really exciting, whether it’s a bear market in terms of price or not, that we’ve continued to see strong growth and have been able to showcase that as part of raising this round.”Thirdweb was founded in 2021 by Rydhan and Steven Bartlett.
“We focus on a software development kit for developers who want to build Web3 applications for things like NFT projects and marketplaces,” said Rydhan. “We fill this gap between the infrastructure, which is like blockchains and node providers, and the actual applications.”Thirdweb tools have been used by global brands like buy now, pay later platform Afterpay, and New York Fashion Week, and the startup has a partnership with Coinbase’s NFT marketplace.
Last December, thirdweb raised $5 million in a seed funding round that included noted entrepreneurs Gary Vaynerchuck and Mark Cuban among the backers. Other investors in this latest fundraise included the venture capital arm of cryptocurrency exchange Coinbase , e-commerce giant Shopify, crypto developer Protocol Labs, blockchain scaling system Polygon, Shrug VC and Joseph Lacob, a partner at storied venture capital firm Kleiner Perkins.
Thirdweb will use the fresh capital toward product development and for hiring across the business, sales and marketing teams, said Rydhan. The technology currently supports several Ethereum Virtual Machine-compatible blockchains, and the funding will fuel support for additional blockchains in the near future.
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