Dune Analytics raises $8 million in Series A funding, demonstrating the demand for data.

Dune Analytics co-founders Mats Julian Olsen (left) and Fredrik Haga (right) strike a pose.(Dune Analtyics)

Union Square Ventures, a New York-based venture capital firm, led the Series A investment, with Redpoint Ventures joining in. Dragonfly Capital and Multicoin Capital are among the existing investors.

The startup outlined how it intends to use the $8 million in additional funding to hire more employees and expand the number of blockchains it examines. Dune Analytics received $2 million in seed funding in September. Dune is the most recent blockchain analytics business to get significant funding from crypto venture capitalists. Messari, a crypto analytics, and market intelligence company, said earlier this month that it had raised $21 million in a Series A round led by Point72 Ventures.

Skew analytics was bought by Coinbase in late April, and Coin Metrics announced the company had obtained $15 million in a Series B fundraising round led by Goldman Sachs the following week. The Dune platform is free to use, allowing users to construct data charts for the parameters they want to track. Dune’s business strategy also includes a paid, subscription-based offering, which starts at $390 per month per user.

Dune Analytics raised $2 million in seed funding in September, and the business announced on Thursday that it had raised $8 million in a Series A round. Fred Wilson’s Union Square Ventures led the Series A financing. Multicoin Capital, Redpoint Ventures, and Dragonfly Ventures also participated in the Dune Analytics Series A investment. Dune Analytics, the company behind the platform that allows users to track data on the Ethereum blockchain, has acquired $8 million in funding from Union Square Ventures and other strategic investors. Dune Analytics outlined how it intends to use the extra funding to hire more employees and analyze other blockchains.

“At Dune Analytics we’re a small team with an outsized impact on the future of finance and financial data,” the Dune Founders Fredrik and Mats concluded. “Throughout this year we’ve grown the Dune team to eight people spread throughout Europe. To further enable convenient access to crypto data across more use cases, data sources, and at a bigger scale, we’re now hiring for a range of roles. The data must flow.”

Despite crypto’s expansion this year, venture firms continue to invest in crypto companies, especially data startups. Messari, Coin Metrics, Nansen, and DappRadar, among others, have all raised millions of dollars from noteworthy investors in recent weeks and months.

Dune’s Series A raises the company’s total investment to $10 million. The company received $2 million in seed capital in September. Haga refused to say how much the company is worth. Dune presently supports four blockchain networks for data extraction: Ethereum, Polygon, Optimism, and xDAI. In the future, it plans to support all Ethereum Virtual Machine (EVM)-based blockchains and additional networks, according to Haga, who refused to specify particular networks.