Blockchain developer Alchemy has announced that it has raised $80 million in a Series B round to further develop platforms that power non-fungible token marketplaces.
The funding round, announced on Wednesday, April 28, was led by technology-focused investment manager Coatue, and Addition Capital, a venture fund from American investor Lee Fixel.
Also participating in the round was the Glazer family, who own the Tampa Bay Buccaneers and Manchester United, and VC firm DFJ Growth which has also invested in Coinbase, SpaceX, and Stripe.
The band The Chainsmokers, and actor Jared Leto also contributed to the funding round which brings Alchemy’s valuation to $500 million. Existing backers include Pantera Capital, Coinbase, Samsung, Stanford University, and a number of high-profile individuals such as Charles Schwab, and Yahoo co-founder Jerry Yang.
According to CNBC, Alchemy has benefited from the NFT craze as it acts as an intermediary between the blockchain itself and the apps and NTF collections that run on it. Alchemy, which launched in December