As innovators further invest in a new kind of internet built on decentralized blockchains — popularly known "Web3" — a local company is helping developers launch new products in that realm.
San Francisco-based startup thirdweb, whose legal name is Non-Fungible Labs Inc., provides software tools to programmers to help them build Web3 apps. The company announced its $24 million Series A round on Thursday.
"While there’s turbulence, noise and uncertainty in the market, builders are still building," the company said on Twitter, continuing, "The thirdweb developer ecosystem is flourishing."
Founded last year by Steven Bartlett and Furqan Rydhan, the company's valuation following its most recent fundraise is roughly $160 million, according to PitchBook Data. More than 55,000 developers using thirdweb's tools have deployed 200,000 "smart" contracts across multiple blockchains, according to the company's Twitter thread. These "smart" contracts are programmed onto blockchains and automatically execute actions, such as digital transactions, or document events according pre-determined rules.
Haun Ventures, led by former Andreessen Horowitz partner Katie Haun, was the lead investor in thirdweb's Series A round. Other investors include Coinbase Ventures, Shopify Inc. and Kleiner Perkins partner Joseph Lacob.
Thirdweb will use the funding to expand its service to the "next 10 million developers," according to its Twitter thread.
Read on for more Series A funding deals from this past week.
Theai Inc. (dba Inworld AI), Mountain View, $50 million: Section 32 and Intel Capital led the round of this provider of software for the creation of characters for virtual worlds and games. Founders Fund, Accelerator Investments, First Spark Ventures, Kleiner Perkins, Bitkraft Ventures, CRV, M12, Micron Ventures, LG Technology Ventures, SK Telecom VC, NTT Docomo Ventures and The Venture Reality Fund also participated.
Non-Fungible Labs Inc. (dba thirdweb), San Francisco, $24 million: Haun Ventures led the round for this provider of software tools to help developers build Web3 apps. Coinbase Ventures, Shopify, Protocol Labs, Polygon, Shrug VC and Joseph Lacob also invested.
Zitara Technologies Inc., Oakland, $12 million: Energy Impact Partners led the round for this developer of battery management software. NextView Ventures, Collaborative Fund and Trucks VC also invested.
ModernLoop Inc., San Francisco, $9 million: Accel led the round for this recruiting operations software provider. Web Investment, Quiet Capital, Slack Technologies Inc. CEO Stewart Butterfield and Zoom Video Communications Inc. CEO Eric Yuan also invested.
Introvoke Inc. (dba Sequel), San Jose, $8 million: Javelin Venture Partners led the round for this provider of online event hosting software. Struck Capital, Social Leverage, Alumni Ventures, Growth Warrior Capital, Great Oaks and V1VC also invested.
Silvatex Inc. (dba SVX), Sunnyvale, $7.83 million: Ultratech Capital Partners invested in this developer of renewable low-carbon diesel. Catalus Ventures, Amplify Capital, Golden Seeds, How Women Invest, Smart World Innovation Fund and One World Impact also invested.
