- Thirdwave launched stealthily with a $7 million funding round.
- The blockchain data company’s seed round was led by venture capital firm Web3 Framework Ventures.
- The fundraiser also attracted participation from Animoca Brands, Play Ventures, Shima Capital, Hustle Fund and Oceans Ventures.
Thirdwave emerged from stealth with $7 million received from a funding round led by Framework Ventures. Blockchain analytics and insights platform provides web3 businesses string data including customer data, social channel information, website analytics and industry benchmarks.
Thirdwave is driven by the need to provide blockchain game developers and Web3 builders with a deeper understanding of the market. The company plans to use the funds to develop key aspects of its discovery engine.
The fundraiser also attracted participation from leading blockchain investment firm Animoca Brands, as well as Play Ventures, crypto-focused venture capital firm Shima Capital, Hustle Fund and Oceans Ventures.
The fundraising comes less than a month after Shima Capital launched its $200 million web3 fund and nearly five months after lead investor Framework Ventures launched a $400 million program web3 fund, with $200 million dedicated to games.
Although the crypto downturn appears to be affecting cryptocurrency prices, venture capital funding continues to flow. According to data compiled by The CrunchBase Web3 Tracker, more than 15,700 Web3 companies have raised over $88 billion nowadays. The fundraisers have already produced 79 unicorns according to CrunchBase.
Although there was a significant slowdown in venture capital funding for Web3 companies in the second quarter of 2022, the companies still raised over $6 billion in the quarter.
Thirdwave seeks to provide crucial blockchain data to these companies to help with their web3 strategy. The company was founded by former Facebook game and mobile app developers Peter Jonas and Matt Lorenzen.
Commenting on the fundraiser, Thirdwave co-founder Peter Jonas said the current wave of innovation (web3 games) represents the greatest opportunity in video game history.
“Blockchain offers game developers and gamers shared ownership and therefore true alignment for the first time. Despite this incredible opportunity in front of the industry, much of the infrastructure needed for developers to succeed has yet to be built – that’s where Thirdwave comes in,” Jonas added.
On the other hand, Michael Anderson, partner and co-founder of Framework Ventures, pointed to the lack of access to customer data insights as one of the biggest challenges facing web3 companies.
“With their past experience building and scaling data discovery engines for consumer giants like Facebook, we believe Thirdwave is positioned to empower Web3 projects, particularly in the GameFi space, the ability to truly understand their users,” Anderson added.
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