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

Dune Analytics Overview

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

NorwayOslo

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

Dune Analytics valuation by funding round
DateStageValuationRevenue Multiple
Feb 2022Series B$1B250.0x

Dune Analytics Revenue

Dune Analytics' latest recorded revenue is $4M, as of its Series B in February 2022.

Dune Analytics revenue by funding round

Dune Analytics revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Feb 2022$4M$1B250.0xSeries 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

Dune Analytics funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Feb 2022Series BCoatue (lead); Alameda Research; Dragonfly; Multicoin Capital$69M$1BDune 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 2021Series AUnion 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 2020SeedDragonfly (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

Investors in Dune Analytics by funding rounds participated
InvestorHQRoundsRoleFirst check
DragonflyUnited StatesSan Francisco, CA3LeadSep 2020
Multicoin CapitalUnited StatesAustin, TX2ParticipantAug 2021
RedpointUnited StatesSan Francisco, CA1ParticipantAug 2021
Alameda ResearchHong KongHong Kong1ParticipantFeb 2022

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions 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

smlXL
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 CountryUnited States
HQ City
New York City, NY
Deal Date11 Nov 2024
Valuationundisclosed
EV/Revenue
EV/EBITDA

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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.

Public and private companies comparable to Dune Analytics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
FlashbotsUnited StatesUnited StatesPrivate--$1B-
Fumi TechnologyChinaHunanPrivate--$1B-
GauntletUnited StatesNew York City, NYPrivate--$1B-
LMAX GroupUnited KingdomLondonPrivate$201M$50M$1B5.0x
CARE RatingsIndiaIndiaPublicly listed$49M$21M$516M9.9x
FinatextJapanJapanPublicly listed$71M$13M$470M5.4x

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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
CARE Ratings$49M$21M9.2x9.9x21.5x20.5x
GlobalData$433M$140M1.7x1.7x5.3x5.0x
Finatext$71M$13M6.3x5.4x34.1x-
Value Line$33M$29M8.5x-10.0x-
HCR Co$75M($3M)3.3x-(84.3x)-
National Securities$159M$48M9.4x8.5x31.6x-
CTOS Digital$80M$28M4.4x4.1x12.6x15.6x
NZX$74M$30M4.0x3.4x9.8x9.2x

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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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