The Ethereum startup Nansen has raised $ 1.2 million for the data sector in the latest seed financing round
Ethereum data provider Nansen raised $ 1.2 million in a seed funding round.
Exclusively revealed the news to The Block, Nansen said the round was led by Mechanism Capital and Skyfall Ventures, which included Robot Ventures, Volt Capital and Fabric Ventures among other venture capital firms.
Individual investors – including Ethereum developer Eric Conner, Kevin Hu from Dragonfly Capital, Anthony Yoon from FTX and Sergei Chan from Deribit – also took part in the round.
With fresh capital, Nansen plans to expand its team from the current three to eight, Alex Svanevik, CEO of Nansen, told The Block. “We will be able to give our employees financial predictability for the next two years,” said Svanevik.
About 80% of the funds will be used to pay salaries to the team and the remaining 20% would be used to cover cloud infrastructure costs, Svanevik said.
Nansen was launched as a subscription-based product in April and is currently focused on Ethereum data. Svanevik told The Block that the company plans to support the Bitcoin blockchain as well as other Ethereum Layer-2 networks over the next year.
Nansen’s existing customer base is in the blockchain and crypto space, Svanevik said. This includes professional investors such as hedge funds, trading desks, and market makers; “Crypto teams” such as protocol developers, including MakerDAO and Synthetix; and individual crypto investors.
The final customer category is the largest segment in terms of size for Nansen, Svanevik said. “But the income is split pretty evenly across these three categories.”
Nansen currently has 1,000+ trial customers and 200+ subscribers, Svanevik told The Block. The company is also doing bespoke research and analysis for some clients, which has been its additional source of income, Svanevik said.
Ethereum data startups have continued to receive venture support over the past few weeks. Earlier this month, Covalent raised $ 3.1 million and Dune Analytics raised $ 2 million last month.
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