QuickNode raises a $35M Series A round led by Tiger Global
The Miami startup is a leading blockchain infrastructure provider experiencing explosive growth this year.
QuickNode makes it fast and easy for companies and software engineers to set up and integrate with blockchain infrastructure. No longer is it a time-consuming and expensive endeavor; it takes just a few minutes. It’s one of the reasons why demand for the Miami startup’s platform has skyrocketed this year as companies continue to adopt blockchain as part of their product strategy, and its newest round of funding should help with that.
Today, QuickNode announced the closing of its $35 million Series A capital raise, led by Tiger Global Management. Alexis Ohanian’s Seven Seven Six Fund is again an investor, and the round also includes Soma Capital, Arrington XRP Capital, Crossbeam and crypto entrepreneur Anthony Pompliano. In total, QuickNode has raised over $45 million, including its $5.3 million seed round in May led by Ohanian and including SoftBank.
The new round of founding will help the Miami-based startup secure a leading position in the emerging, fast growing blockchain infrastructure market that is expected to reach $40 billion by 2025. Since graduating from Y-Combinator in March, Quicknode’s team has seen a 20X increase in revenue and customers, the company said.
“Blockchain and cryptocurrency are eating the world,” said Alex Nabutovsky, co-founder and co-CEO of QuickNode. “We are seeing businesses from all verticals looking at blockchain enabled software roll out in 2021 and beyond. It’s beautiful to see the foundation of the new internet happening right before our eyes.”
Nabutovsky, Dmitry Shklovsky, Auston Bunsen and Manuel Kreutz, all from the Miami area, co-founded QuickNode in 2017 to create an accessible API platform for businesses to build and scale Web3 apps. Customers today include developers that are both new or experienced with blockchain, traditional financial institutions, crypto native projects such as NFTs, and wallet providers to large institutions managing billions in crypto assets. They plan to use the new funding to add services, expand QuickNode’s product line and hire up to 50 more team members.
QuickNode has been adding support for new chains at a rate of one chain per month through all of 2021. The company currently supports 10 blockchains, including Bitcoin, Ethereum, Solana, Terra and xDai, and services over 70 billion requests every month from around the world.
“Web3 is the internet’s new frontier and Seven Seven Six is honored to continue backing QuickNode while the crypto space expands its influence worldwide,” said Alexis Ohanian, founder of Seven Seven Six. “We’re excited to be a firsthand witness to QuickNode’s rapid growth, enabling more individuals and businesses to easily adopt blockchain technology.”
QuickNode is the OG of a growing crypto and blockchain scene in Miami that in just the past six months has been drawing major crypto platforms, conferences, funds, finance firms and hundreds of founders, investors and enthusiasts of the tech to the Magic City, welcomed by Miami’s crypto-forward Mayor Francis Suarez.
“We’re very excited about the progress our company has been making in providing blockchain infrastructure for the next generation of internet products and services alongside amazing cryptocurrency founders and companies that have chosen Miami like Moonpay, FTX, Blockchain.com and Recur,” said Bunsen, QuickNode’s CIO.
QuickNode is also at least the third Miami tech startup with funding rounds led or co-led by Tiger Global this year. Tiger recently co-led with SoftBank the $20 million round for Ontop, a global hiring and payments fintech, and in April, Tiger led the $60 million Series C round in Miami homegrown healthtech startup Papa.
John Curtius, the Tiger Global Partner who led the QuickNode deal for the firm, moved to Miami earlier this year. “QuickNode is at the center of a profound shift in the building blocks that power value transfer on the Internet. … QuickNode’s leadership in multi-chain support and vision to be the number one provider of blockchain infrastructure will help businesses build on trusted, low-latency, globally available infrastructure to serve buillions of people over the next 5-10 years,” Curtius said a statement.
QuickNode’s team now numbers 21 people – double the size just a few months ago, and likely to double again soon with the new capital infusion. What’s more, 43% of the team are Miami natives who have lived in Miami for more than a decade, said Bunsen. The startup is currently hiring engineers, operations, marketing and design, he said.
Ohanian adds, “QuickNode is yet another example of Miami Tech excellence.”
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