Nansen raises $12M in Series A from Andreessen Horowitz

Nansen-raises-$12M(source: SaaS Industry)
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Nansen, a blockchain analytics platform, has raised $12M in Series A funding from a16z. The company was launched in 2020 and has shared details of its revenue figures, team size alongside the announcement. The proceeds from this funding would be used to build its data platform, enhance user experience, among others.

Nansen, a blockchain analytics platform for crypto professionals and investors, has announced its Series A fundraise of $12 million in a round led by Andreessen Horowitz (a16z). Skyfall Ventures, Coinbase Ventures, imToken Ventures, Mechanism Capital and QCP Capital, participated in the funding round.

In an official blog post, Nansen said that the proceeds from the fund would be used to enhance personalization for better user experience (UX), develop its data platform, hire and expand its team, and grow the community of crypto investors and traders. 

Nansen, founded in 2020, performs blockchain analytics, enriching on-chain data with numerous wallet labels and helps crypto investors discover opportunities, perform due diligence and defend their portfolios with real-time alerts. The company elucidated its growth journey on its official blog, announcing the fundraise. 

Alex Svanevik, CEO of Nansen, expressed delight at a16z’s backing and stated that it was a leading investor in crypto and tech companies of today.

“The capital raised in this round will allow us to level up our competitive intelligence, as we become the #1 blockchain analytics platform and help make the future of finance a reality,”

Mr. Svanevik said.

Nansen has witnessed a whopping increase in revenue (1000x) instead of the few hundred dollars it received during its inception stage. The team size has increased ten-fold from three co-founders to 30 members in total.

Commenting on the investment, Chris Dixon, general partner at Andreessen Horowitz (a16z), stated that Nansen is helping build analytics products, offer insights for new generation investors at a crucial moment in the crypto sector.

“As participation in the first truly open global financial markets grows, traders and collectors of all kinds — retail novices, institutional professionals, independent experts, and more will want to understand what the smart money is doing across all blockchains,”

Mr. Dixon said.
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