Web3 developer platform QuickNode announced on Wednesday it closed $60 million in Series B funding. The round was led by 10T Holdings with participation from Protocol Labs, Tiger Global Management and Seven Seven Six. The company is now valued at $800 million.

The Miami-based startup’s recent round comes on the heels of its $35 million Series A raise in 2021. In the span of a year, QuickNode grew its user base 400% and currently provides infrastructure for 16 blockchains. 

The tangled web of Web3

The buzzy world of Web3 has grown since Ethereum co-founder Gavid Wood uttered the word in 2014 to describe a future of the internet that would entirely exist on the blockchain. 

In 2022, U.S.-based startups in the Web3 space raised around $2.3 billion, the sector’s best year ever and more than double what it raised in 2021, despite every other industry facing a sharp funding pullback. Web3 has led to the rise of companies like Block.one, a blockchain technology developer that raised $4.1 billion since it started in 2016. 

But the industry is facing a far more hostile reality today. Funding for Web3 startups nosedived by 74% in fourth-quarter 2022. FTX, the crypto trading network that raised billions of dollars only to go bankrupt in a public collapse, was one of several blockchain-related companies to struggle last year. 

Despite this, QuickNode said its revenue grew 300% in the last year. And in a statement, CEO Alex Nabutovsky called the road to Web3 inevitable.

“The industry is about to enter its next era, and with this raise, we are preparing for mass adoption of blockchain technology in 2023 and throughout the rest of the decade,” Nabutovsky said. “We are proud to help our customers scale to their full potential and move the industry forward.”

Illustration: Dom Guzman