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Dune Analytics

We've raised $8M Series A Led by USV

By hagaetc @

We’re excited to announce that we’ve raised $8M in a Series A led by Union Square Ventures. Redpoint Ventures also participated in the round, together with existing investors Dragonfly Capital and Multicoin Capital.

For the avoidance of doubt: We are hiring engineers.

We founded Dune Analytics out of Oslo, Norway three years ago. We knew practically no-one in crypto and had zero potential customers in Norway. We worked full time on Dune for seven months without a salary. With minimal funding through “crypto winter” we kept grinding over two years as a two person team. Now, however, the revolution is indeed happening and it will not be reported quarterly.

At Dune Analytics we’re on a mission to make crypto data accessible. This is a mission that is getting harder by the day. Every new product, chain, and scaling solution increases data amount and fragmentation as they grow in adoption and throughput. Nevertheless, we are determined to realize this mission by making every single interesting metric across every single crypto data source easily accessible for free to the community.

Our current investor base consists of crypto’s best investors. For the next step of our journey, USV is a dream partner as they are both long term believers in crypto, but also a tier 1 technology investor that brings a ton of experience with large scale data/developer tools and community products like MongoDB, Firebase, Stack Overflow and Twitter.

While blockchain data is public in theory, it is a tremendous challenge to extract, analyze and diggest the data in practice. At Dune Analytics, we’re building a community-first data tool with open collaboration and free access at its core. This way we’re making transparency a practical reality in the new financial system, not just a theoretical possibility.

Anyone can become a powerful analyst or valuable crypto community member by leveraging Dune and contributing to the global community effort. We’ve already seen plenty of non-developers go from no prior coding experience to contributing to major protocols and eventually getting hired full time in crypto in just months.

There are over 40 000 analyses on Dune including metrics like DEX trading volumes, total DeFi users, NFT trades and more. A recent trend has been DAOs building fully fledged financial reporting like balance sheets and profit/loss statements on Dune, feeding live from the blockchain. Dune Analytics replaces legacy finance’s PDF based quarterly reports with living, breathing, real-time dashboards that will change financial reporting and transparency forever. The revolution will not be reported quarterly.

At Dune Analytics we’re a small team with an outsized impact on the future of finance and financial data. 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.

/Dune Founders Fredrik and Mats