Graph Foundation Raises $50 Million in Round Led by Tiger
Graph Foundation Raises $50 Million in Round Led by Tiger Global
(Bloomberg) -- The Graph Foundation, which operates a protocol for indexing and querying blockchain data, raised $50 million in a sale of digital tokens to investors led by Tiger Global Management and will use the proceeds to make grants to other developers and expand in Asia and Europe.
The Graph Foundation sold its own token, called The Graph, to investors including Tiger, FinTech Collective and Fenbushi Capital, according to an e-mailed statement. The coin has lost 18% in the past week amid a broad cryptocurrency retreat, giving it a market value of $2.5 billion, according to data from CoinGecko.
Venture capital investment in crypto startups is off to a roaring start to the year after shattering records in 2021, with companies like Animoca Brands Corp. and OpenSea reaching multibillion-dollar valuations. Animoca Brands, a Hong Kong-based developer of non-fungible tokens, saw its valuation more than double from an October round, to $5 billion, in a deal announced this week.
“This raise we’ve just achieved gives us the ammunition to bring in up to five new teams,” said Eva Beylin, director of The Graph Foundation, in an interview. In addition, “expanding to Asia and Europe is a big focus for us.”
The Graph’s so-called subgraphs support indexing data from 26 blockchain networks including Ethereum, Polygon, Avalanche and NEAR. Subgraphs have been built for applications including Uniswap, Synthetix and Decentraland.
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