Seed funding has been like a knight in shining armor in the context of start-ups. The concept of seed funding has been around for years as businesses are increasingly relying on external funding to kick-start and run their ventures if they have not raised pre-seed funding. Seed funding aims to be a very early investment that helps existing businesses generate their own capital and grow. Investors are given an equity stake in exchange for capital invested. The investors can be founders and use their savings as seed money for their company also known as bootstrapping.
The idea of seed funding has become quite popular in crypto circles already. And now adding to the list of those enterprises that went for seed funding this year is Dune Analytics which is the community-based analytics platform that provides data tools for the Ethereum Network. It has apparently raised $2 million in a fresh round of seed funding.
The seed funding round was led by Dragonfly capital and was further participated by big and small names like Multicoin Capital, Hashed, Semantic Ventures, Coinbase Ventures, Coingecko, Alameda Research, and Digital Currency Group. The funding round also had some angel investors from the digital asset ecosystem like protocol founders like Aave’s Stanislav Kulechov, Aragon’s Luis Cuende, and Gnosis’s Stefan George, among others.
Dune co-founder Fredrik Haga getting nostalgic talked about how the analytics start-up goes back to numerous experimental idea exchanges between him and his co-founder Mats Julian Olsen. The intermingling of ideas started between the two when they were working together in a Norway-based media company. After much brainstorming and pouring in of great ideas Fune came into being after it was supported by Binance’s start-up incubator.
And as of now, Dune analytics is a well-known analytics platform that offers free services with premium offerings as a value add to its customers who prefer customized solutions like private queries and private data exports. Haga said:
“The key insight we’ve had along the way that’s made Dune so powerful is that when you open it up and just say, ‘This is free and open to the community’ and people can build on each other. That turns into something very powerful, as opposed to sort of a walled garden where only you internally or the customers alone in the siloed fashion interact with the data.”
Haga also said that the funds will be used to scale the team so that the growing demands of the platform can be met.
“We’re in the position where people are begging us for features, and as a two-man team, we simply can’t deliver on the things our users want,” said Haga. “It was very obvious that we would need to scale up the team to serve the demand we’re seeing.”
He confidently said that they are planning to have a bigger team in the next one year or so after the funding. It will be great to see the progress done.