Blockchain web service firm from San Francisco – Alchemy – successfully secured $250 million via Series C fundraising, led by Andreessen Horowitz, ultimately achieving $3.5 billion for its total valuation. 

Specifically, the development reportedly surfaced following a previously acquired $80 million via a Series B funding, helping the firm hit $505 million for its overall valuation. 

A variety of noteworthy names across the sector also took part in the Series C funding round, nominally Pantera Capital, Redpoint, Lightspeed Venture Partners, Coatue, DFJ and Lee Fixel’s Addition. 

As revealed by founders Nikil Viswanathan and Jon Lau, the firm reportedly reeled in good profit and thus far, has not invested that fund in anywhere, but has plans down the pipeline to develop a community using the freshly acquired money. 

Alchemy was reportedly established in 2017, but was not rolled out officially until August last year. Per reporting generated by TechCrunch, the 37 staff working at the firm now service clients that include every major non fungible token (NFT) platform, UNICEF, Adobe and PricewaterhouseCoopers, surpassing the $45 billion benchmark in transaction volume.

“Alchemy is doing for blockchain and Web3 what AWS did for the internet. It provides developers with the tools they need to easily and efficiently create mainstream blockchain applications, helping them turn their ideas into wildly successful businesses”

Alchemy has managed to establish two offices (based in New York and San Francisco), with a target to set up more locally and in foreign territories. 

Viswanathan and Lau – who additionally took the role of Head and chief training officer of the firm respectively – studied at Stanford and were previously Google employees, before embarking on their most recent venture.