Chainalysis Raises $170M Series F, More Than Doubles Valuation to $8.6B
Last year, venture capital investments into crypto startups reached an all-time high of $32.8 billion and while research reports that a bulk of the investments went into early-stage startups, later stage crypto companies like Mintable, Zerion and Chainalysis have all been noted as “soaring startups” in the space, mainly due to their exponential growth.
Chainalysis investigates crypto fraud and crime for banks, businesses and the government. The eight-year-old startup pulled in $170 million in Series F funding this week led by GIC. This brings the company’s total valuation to $8.6 billion.
“Over the past year, the cryptocurrency industry crossed into the mainstream with financial institutions entering the space and new technologies, like NFTs, disrupting traditional markets,” Michael Gronager, co-founder and CEO of Chainalysis, said in a statement. “Our partners at GIC understand the power of Chainalysis’ data platform and customer network, the strength of our team of leaders and the market opportunity before us. I’m thrilled to deepen our relationship with their team, especially as we expand our business in the APAC region.”
The raise comes just one year after Chainalysis’ $100 million Series E raise that, at the time, valued the company at $4.2 billion. Chainalysis is no stranger to three-digit raises either. Built In last caught up with the crypto giant when it raised a $100 million Series D in March of 2021. The plan then and for its subsequent Series E raise was to hire and invest into the company’s data and software offerings.
Since then, Chainalysis has established a partnership with fintech giant Robinhood, hired 450 people and increased its customer count by 75 percent. The company says it now has more than 750 customers in 70 countries.
Today, the booming, 700-person startup is hiring for nearly 370 open roles that range from engineering, data analytics, UX, marketing and more, several of which can be found on their Built In profile.
“Chainalysis is in a unique position of running a SaaS business in the cryptocurrency space due to the stability of its business model as well as the increasing demand for trust and safety in the overall industry,” Choo Yong Cheen, chief investment officer of Private Equity at GIC, said in a statement. “We are pleased to expand our partnership and look forward to their next stage of growth.”