Messari, the cryptocurrency data analytics company, is planning a fresh round of fundraising in which it intends to raise $35 million at a valuation of just over $300 million.
The crypto startup is in the process of raising capital at a valuation of $300 million and has pitched to many investors, according to sources familiar with the matter. One of the sources indicated that the company is looking to raise an estimated $35 million. Messari successfully managed to raise $21 million in a Series A fundraise in August last year led by Steve Cohen’s Point72 Ventures, the venture arm of a hedge fund that manages $24 billion in assets. Should the firm succeed in its efforts, it would roughly triple the company’s valuation. Co-founder and CEO of Messari Ryan Selkis declined to comment on the fundraising, but did offer some insight on Twitter saying,
We’re continuing to build crypto’s largest subscription information business, and are focused on getting ready to release a slate of new products at Mainnet [a conference organized by Messari] this September! More news to share then.
He added,
We’ve scaled to 130 people on zero net operating burn, had a record July, and are hiring $35mm worth of developers to help bring transparency and institutional-grade data tool to the crypto market.
The proceeds of the company’s $21 million Series A funding rounds went towards expanding its institutional footprint, in part by scaling a research tool that helps institutional clients with onboarding, integration, and support for new crypto assets. Kraken Ventures, Alameda Capital, and CMS Ventures were some of those involved in the Series A backers.
News of the fundraising comes just a week after Messari announced that it had acquired crypto fundraising intelligence database Dove Metrics. Dove Metrics tracks thousands of investors, funding rounds, and mergers and acquisitions transactions. Eric Turner, vice president of market intelligence at Messari said,
The acquisition of Dove Metrics will enable us to offer new datasets and tools that further allow our users to stay on top of industry trends and monitor, in real time, the top projects and technologies that investors are backing.
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