Renowned Ethereum data analytics firm ‘Dune’, that has stood out from the pack for its focus on DeFi [Decentralized Finance] projects, has raised $2 Mln from a mixture of seasoned cryptocurrency investors & DeFi angels.
Revealed earlier today, the seed round was led by Dragonfly Capital & included Multicoin Capital, Coinbase Ventures as well as Digital Currency Group.
The list of angel investors within the round included the likes of Compound’s Calvin Liu, Matteo Leibowitz of Uniswap, and Aave founder Stani Kulechov. Yearn creator Andre Cronje, who also participated within the round via a non-dilutive grant, added for the record that “Dune has been a lifesaver.”
Dune Analytics CEO and co-founder ‘Fredrik Haga’, added that Cronje of Yearn did not need a stake, but simply wanted to support the project. “That was pretty amazing,” Haga added. “I think that sort of gratitude and support with no strings attached is amazing. I think you wouldn’t find that in any other industry.”
The Dune Analytics team, based in Oslo, Norway, attributed its success to being open & community-driven.
“It’s quite sort of a GitHub-type of product where you’ve got collaboration built-in, but it also has more of an end-to-end product experience where you can create charts & dashboards,” Haga said of his firm’s flagship offering. “We give people access to the entire dataset and that they can repose on one another & instantly share what they’re doing. I think that provides powerful insights & details into how these systems operate.”
Armed with the new funding, Dune is going to be making the service easier for users to interact with one another and lowering the bar a touch to interact more with non-technical users.
“There’s such a lot low-hanging fruit that we will can grab, it’s great to possess the bandwidth to do it,” Haga added.
Additionally, the two-man team of Haga & co-founder Mats Julian Olsen is going to be hiring more staffers across Europe to operate remotely & help deal with the thousands of analytics calls being fielded and growth in visits to the website each week.
“It’s been quite crazy,” Haga added of DeFi’s accelerating insanity. “We attempt to catch enough sleep but otherwise it’s just about round the clock.”