Stockholm-headquartered Moralis, a Web3 development platform has raised $40 million in a Series A funding round. Coinbase Ventures (that invested in Amberdata), the investment arm of crypto exchange platform Coinbase alongside EQT Ventures (that backed Dott, Nothing and others), Fabric Ventures and Dispersion Capital participated in the round. Also, some existing angel investors took part in this funding.
Previously, EQT Ventures led the seed round of $13.4 million raised by the company last year. With this financing round, Moralis has raised a total of $53.4 million in funding and its market value reaches $215 million.
Moralis will use the investment to focus on ramping up product development and improving the user experience. Also, it will let the company scale to increase its client capacity and support larger clients. The startup will save the time and money of companies and individual developers that they need to build web3, the next-gen internet owned and managed by users while expanding the cross-chain connectivity between blockchain interactions.
Ivan Liljeqvist, co-founder and CEO of Moralis stated that, “Web3 really democratizes the use of the internet, so you don’t have to go through the intermediaries that we have today, which normally is big tech.”
“We are very excited to be continuing our journey with Moralis,” Laura Yao, a partner at EQT Ventures, said. “Ivan and Filip have built an ambitious team committed to democratizing the current Web 3 landscape by opening it up to more and more developers.”
De facto platform to Web 3
Founded in June 2021 by Ivan Liljeqvist and Filip Martinsson, Moralis develops software and application programming interfaces (APIs) that combine user authentication, identity management, historic and real-time transaction information and session management to make it easier for developers to make the transition between Web 2 and Web 3. The company offers infrastructure that lets developers build and launch Web 3 apps, games and non-fungible tokens (NFTs) across blockchains.
Moralis provides a complete end-to-end blockchain application development platform that supports decentralised applications (dApps), uniquely allowing developers and companies to focus on the front-end while handling the entire back-end of development. Currently, it supports users building on blockchains, including Ethereum, Polygon, Solana, Binance Smart Chain, and Avalanche. It was to actively expand access to different blockchains as there is a growing demand for other blockchains.
Why use Moralis?
Moralis lets developers save up to 80% of their time as it provides easy authenticatio. It requires only one line of code to authenticate users on any blockchain via any wallet. Once the user is authenticated you need to monitor their transfers, trades, mints, burns and all other actions relevant to your dapp.
It supports web3 social login via Google, Twitter etc. The other benefit is flexible identity management, which consolidates user addresses across multiple networks and auth providers into a single user profile. Also, it offers effortless session management lets users create, verify and invalidate user sessions. It handles all the complex heavy lifting such as wallet signature verification, cookies, etc.