QuickNode, a company that claims to provide the “most performant, scalable, reliable blockchain node infrastructure on earth,” has raised $60 million in a Series B round. Nontable Fintech VC QED Investors participated in funding the Miami-based firm, which was led by 10T. The firm was valued at $800 million.
Other investors include Tiger Global and Seven Seven Six Ventures. The fact that QuickNode raised growth capital during a tepid venture market is a testament to what investors are anticipating from the firm.
Quicknode believes that in the next few years, all companies will incorporate some form of blockchain technology, similar to what happened when the internet became indelible for all firms.
We're thrilled to announce our investment in Miami-based @QuickNode which today raised a $60 million Series B round to build infrastructure to support the future of Web3.
We can't wait to work with @10TFund, @Tigercapital and @sevensevensix. pic.twitter.com/Efngs4hdxd
— QED Investors (@QEDInvestors) January 24, 2023
The Series B funding will be used to expand efforts in “every direction.” Last month, QuickNode posted a blog update that outlined accomplishments in 2022. QuickNode currently supports 16 different distributed ledger technologies, handling over 200 billion API requests each month while claiming to be 2.5X faster than any competitor.
Dmitry Shklovsky, QuickNode founder, commented on the funding round:
“The next step towards wider mainstream adoption is to enable Enterprises to embrace and leverage blockchain technologies, helping them keep up with the rapid pace of change – while continuing to enable individual developers to leverage the same powerful resources in creating the next “big thing” on the Web. It is also a time to empower new companies and creators with the expansion of our Startup and Venture Capital programs. It is our duty to educate and pave the path for the seedlings and Fortune 500 companies of tomorrow.”
One of the challenges of the blockchain ecosystem is performance – something multiple industry participants are attempting to solve. For big corporations, transactions must be almost instantaneous and with little cost – not to mention secure and easy to use. QuickNode aims to be the one blockchain ecosystem to rule them all. QuickNode reported a 300% increase in revenue during Q3 and Q4 of 2022.