Ethereum analytics firm Nansen has raised $12 million in a Series A funding round led by Andreessen Horowitz.
Nansen Partners with a16z
Nansen has completed its second funding round in less than a year.
The blockchain analytics firm announced it had secured a $12 million investment Tuesday. The round was led by Andreessen Horowitz (a16z) with participation from Skyfall Ventures, Coinbase Ventures, imToken Ventures, Mechanism Capital, QCP Capital, and several others.
In October last year, the Ethereum tracking firm had raised $1.2 million in a seed round led by Mechanism Capital and Skyfall Ventures.
Nansen is a leading tracker of Ethereum wallets, a service that is instrumental in tracing hacker movements and intensifying market trends by looking through whale or exchange ETH transactions.
With the funds raised, Nansen says it plans to add support for additional blockchains and Layer 2 solutions, “including Polygon, Optimism, Arbitrum, and more.” The firm will also improve other operations relating to customer support and quality in hopes of becoming the “#1 blockchain analytics platform.”
The lead investor of this round, a16z, has been one of the most active venture capitalists in the space. It recently announced one of the largest crypto venture funds of $2.2 billion and led a $314 million investment round in Solana.
