Web3 Development Start-Up Moralis Raises $40M in a Series A Funding Round

Written by C, Fiona

Last updated: 2022-05-17

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The web3 development start-up Moralis announced that it has raised $40 million in a Series A funding round back by many investors including Coinbase Ventures, the investment arm of crypto exchange Coinbase Global, EQT Ventures, Fabric Ventures, and Dispersion Capital. Yet, the lead investor was not revealed at this point.

This comes off the heels of the company’s seed round in October of last year, in which Moralis raised €11.5 million. Moralis will be focusing on improving the product and adding more and larger clients to its portfolio.

According to a Bloomberg report, Moralis stated that the funds will be used for product development, better user experience, and expanding to support larger clients.

Founded in June 2021 by Ivan Liljeqvist and Filip Martinsson, Moralis offers infrastructure for developers to build and launch apps, games and NFTs cross-chain.

Moralis’ software and APIs addresses issues that developers face when transitioning from web2 systems to decentralized blockchain apps.

The funding comes after an EQT-backed $13.4M seed round in 2021. The platform declined to comment on who led the latest funding round and its current valuation after the funding.

Laura Yao, a partner at EQT Ventures, stated “We are very excited to be continuing our journey with Moralis. 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.”

Ivan Liljeqvist, co-founder and CEO of Moralis, stated “We are absolutely convinced that web3 represents the next iteration of the internet and we see ourselves as the perfect partner for developers wanting to move from web2 into web3.”

A number of web3-related startup platforms are emerging, backed by strong venture capital firms that are rushing to invest in such platforms. Just a day ago, former a16z general partner Katie Huan’s venture capital firm led an $11 million round of funding for Highlight, a web3-focused crypto startup.