Andreessen Horowitz Leads $12M Funding Round for Nansen
The funding will go toward improving its data platform, expanding the service to more blockchains and layer 2 solutions, including Polygon, Optimism, Arbitrum and others.
Source: Nansen
key takeaways
- As the open global financial markets grow, traders and collectors of all kinds, from retail novices to institutional professionals and more, will want to understand what the “smart money” is doing across blockchains, said Chris Dixon, general partner at a16z.
- a16z launched a $2.2 billion crypto fund last week and will be invested in crypto networks and the founders and teams currently being built within the digital assets space, Blockworks previously reported.
Nansen, an analytics platform for blockchain, announced $12 million in Series A funding led by venture capital firm Andreessen Horowitz (a16z).
Other investors include Skyfall Ventures, Coinbase Ventures, imToken Ventures, Mechanism Capital and QCP Capital. In addition to individual investors, Ana Andrianova, Will Price, Dovey Wan, Vincent Niu, Bitscale, Jeremy Kerbal, Allen Day, Yonatan Ben Shimon (YBS Capital), Daryl Lau, Kabeelan, Darren Lau, Kevin Hu and Joel John also joined in this round.
In general, crypto companies have been focal investments for venture capitals looking to expand their portfolios this year. Venture capital firms have already put over $17.2 billion into crypto companies in the first half of 2021, up 212.7% from $5.5 billion in the entirety of 2020, according to data from PitchBook.
Nansen focuses on analyzing billions of on-chain data points, millions of wallet labels and thousands of entities on Ethereum to help investors and financial institutions make informed decisions on project discovery, due diligence and trading, the company said.
The $12 million funding will go toward improving its data platform, expanding the service to more blockchains and layer 2 solutions, including Polygon, Optimism, Arbitrum and others. Nansen will also use the money to grow the community of crypto investors and traders and hire new talent, it said.
As the open global financial markets grow, traders and collectors of all kinds, from retail novices to institutional professionals and more, will want to understand what the “smart money” is doing across blockchains, said Chris Dixon, general partner at a16z.
“We’re thrilled to support them as they build DeFi-native analytics products that offer insights for a new generation of investors at an important moment for crypto,” Dixon said.
Separately, a16z launched a $2.2 billion crypto fund last week. The money will be invested in crypto networks and the founders and teams currently being built within the digital assets space, Blockworks previously reported.
Earlier this month, cryptocurrency startup Solana Labs announced it has raised over $314 million of new funding in a private token sale led by a16z and Polychain Capital, the company said in a statement on June 9. The firm was also one of the largest investors of Coinbase, with a stake worth $11.2 billion when the crypto exchange’s shares began trading in April.
