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- Dune Analytics
Dune Analytics Revenue, Valuation, Funding & Investors
Dune Analytics is valued at $1B as of February 2022.
Last Dune Analytics valuation
$1B
Series B · Feb 2022
Last Dune Analytics funding round
$69M
Series B · Feb 2022
Dune Analytics revenue
$4M
Series B · Feb 2022
Key investors in Dune Analytics
Dragonfly
Multicoin Capital
Redpoint
Coatue
Union Square Ventures
Alameda Research
About Dune Analytics
Dune Analytics is an Oslo-headquartered platform for querying and visualizing Ethereum blockchain data. Users create SQL-based dashboards tracking DeFi protocols, NFT volumes, and wallet activities on Dune's public query engine. The service supports Polygon and Optimism networks alongside Ethereum mainnet. Launched in 2018, Dune Analytics powers analytics for projects like Uniswap and Aave with community-contributed queries exceeding 100,000.
Founded
2018
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Subscription
Revenue
$4M (Feb 2022)
Valuation
$1B (Feb 2022)
Dune Analytics Valuation
Dune Analytics is currently valued at $1B, based on its Series B in February 2022.
The $69M round was led by Coatue, with participation from Alameda Research, Dragonfly and Multicoin Capital.
Dune Analytics valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Feb 2022 | Series B | $1B | 250.0x |
Dune Analytics Revenue
Dune Analytics' latest recorded revenue is $4M, as of its Series B in February 2022.
Dune Analytics revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Feb 2022 | $4M | $1B | 250.0x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Dune Analytics Funding History
Dune Analytics has raised a total of $79M across 3 funding rounds.
Dune Analytics' first fundraising round was a $2M seed round in September 2020. The most recent completed round was a $69M Series B in February 2022.
Dune Analytics funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2022 | Series B | Coatue (lead); Alameda Research; Dragonfly; Multicoin Capital | $69M | $1B | Dune Analytics is a cryptocurrency and blockchain data platform providing developers, analysts, and blockchain projects with real-time access to data from over 60 blockchain networks. The company's core products include Dune Sim (a developer platform for quick integration), Catalyst (helping chains deliver reliable data to users), and Datashare (enabling analysts to export and stream large datasets), serving Web3 companies, blockchain developers, and institutional investors across North America, Europe, and Asia. In February 2022, Dune Analytics closed a Series B funding round led by Coatue Management with participation from Dragonfly Capital and Multicoin Capital, raising USD 69.42 million and achieving a post-money valuation of USD 1 billion, positioning the company as a unicorn in the Web3 data infrastructure space. The proceeds were designated to develop an infrastructure that distributes financial rewards to content creators and aims to attract up to one million new Web3 analysts to the platform. As of the most recent available data from 2023, Dune Analytics reported annual revenue of USD 4.02 million generated through enterprise subscriptions, partnerships, and direct transactions with tiered subscription offerings, alongside negative EBITDA of USD -14.88 million, reflecting significant investments in platform development and user acquisition strategies. |
| Aug 2021 | Series A | Union Square Ventures (lead); Redpoint; Dragonfly; Multicoin Capital | $8M | - | Dune Analytics raised $8 million in a Series A funding round on August 12, 2021, led by Union Square Ventures with participation from Redpoint Ventures, Dragonfly Capital, and Multicoin Capital. The Oslo, Norway-based company develops blockchain analytics software focused on Ethereum and other networks, enabling real-time dashboards to replace traditional PDF-based reports. This followed a $2 million seed round in 2020 led by Dragonfly Capital with Digital Currency Group and Coinbase Ventures. Dune Analytics plans to use the Series A proceeds to hire more employees and expand support to additional blockchains beyond Ethereum, Polygon, Optimism, and xDAI, including all EVM-based chains. The platform ingests raw blockchain data, allowing a community of analysts to create queries, charts, and dashboards for insights into trading, token prices, gas costs, Uniswap migrations, EIP-1559 burns, and NFT marketplaces. |
| Sep 2020 | Seed | Dragonfly (lead) | $2M | - | - |
Who has invested in Dune Analytics?
6 investors have backed Dune Analytics across its funding rounds, including Dragonfly, Multicoin Capital, Redpoint, Coatue, Union Square Ventures and Alameda Research.
Lead investors include Coatue, Union Square Ventures and Dragonfly.
Dune Analytics Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Sep 2020 | ||
| 2 | Participant | Aug 2021 | ||
| 1 | Participant | Aug 2021 | ||
| 1 | Participant | Feb 2022 | ||
This data is available for Pro users. Sign up to see all 6 Dune Analytics investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Dune Analytics
Dune Analytics has acquired 1 company to date.
Last acquisition by Dune Analytics was on November 11th 2024. Dune Analytics acquired smlXL for undisclosed valuation.
Latest Acquisitions by Dune Analytics
| Description | smlXL is a developer of blockchain analytics tools tailored for the Ethereum Virtual Machine ecosystem. Based in Europe, the company offers explorers, dashboards, and APIs that visualize transaction flows, smart contract interactions, and token movements on chains like Ethereum, Polygon, and Binance Smart Chain. Used by DeFi protocols and auditors, its open-source components integrate with tools from Etherscan and Dune Analytics for enhanced transparency. |
| HQ Country | |
| HQ City | New York City, NY |
| Deal Date | 11 Nov 2024 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Dune Analytics acquisitions and their M&A valuation multiples. Start Free Trial | |
Dune Analytics Competitors
Dune Analytics competitors include listed companies like CARE Ratings and Finatext, and private ones like Flashbots, Fumi Technology, Gauntlet and LMAX Group.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | $201M | $50M | $1B | 5.0x | ||
| Publicly listed | $49M | $21M | $516M | 9.9x | ||
| Publicly listed | $71M | $13M | $470M | 5.4x |
Dune Analytics Public Comps
Dune Analytics is still privately-owned, but its public comps include CARE Ratings, GlobalData, Finatext, Value Line, HCR Co, National Securities, CTOS Digital, NZX, Fintel and Servyou Software Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $49M | $21M | 9.2x | 9.9x | 21.5x | 20.5x | |||
| $433M | $140M | 1.7x | 1.7x | 5.3x | 5.0x | |||
| $71M | $13M | 6.3x | 5.4x | 34.1x | - | |||
| $33M | $29M | 8.5x | - | 10.0x | - | |||
| $75M | ($3M) | 3.3x | - | (84.3x) | - | |||
| $159M | $48M | 9.4x | 8.5x | 31.6x | - | |||
| $80M | $28M | 4.4x | 4.1x | 12.6x | 15.6x | |||
| $74M | $30M | 4.0x | 3.4x | 9.8x | 9.2x | |||
This data is available for Pro users. Sign up to see all Dune Analytics competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Dune Analytics
| When was Dune Analytics founded? | Dune Analytics was founded in 2018. |
| Where is Dune Analytics headquartered? | Dune Analytics is headquartered in Oslo, Norway. |
| Is Dune Analytics publicly listed? | No, Dune Analytics is a private, VC-backed company. |
| What is Dune Analytics' valuation? | Dune Analytics was last valued at $1B in its Series B in February 2022. |
| How much funding has Dune Analytics raised? | Dune Analytics has raised $79M across 3 funding rounds. |
| What was Dune Analytics' last funding round? | Dune Analytics' last funding round was a $69M Series B in February 2022, led by Coatue. |
| Who are Dune Analytics' investors? | Dune Analytics' investors include Dragonfly, Multicoin Capital, Redpoint, Alameda Research, Union Square Ventures and Coatue. |
| What is Dune Analytics' revenue? | Dune Analytics' latest recorded revenue is $4M (February 2022). |
| Which companies are comparable to Dune Analytics? | Companies comparable to Dune Analytics include Flashbots, Fumi Technology, Gauntlet, LMAX Group, CARE Ratings and Finatext. |
| How many companies has Dune Analytics acquired? | Dune Analytics has acquired 1 company, including smlXL. |
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