What is Covalent?
Covalent operates as a foundational layer for the Web3 economy, providing a unified API that delivers full transparency and visibility into assets across multiple blockchain networks. By offering a no-code solution, the company effectively lowers the barrier to entry for developers and enterprises seeking to access normalized, granular smart contract data. This capability is particularly vital for DeFi users and institutional entities that require real-time insights into yield farming positions, asset performance, and cross-chain activity. Through its proprietary technology, Covalent has established itself as a mission-critical utility, serving an exponential volume of API calls and enabling complex use-cases ranging from taxation to portfolio management.
How much funding has Covalent raised?
Covalent has raised a total of $10.1M across 3 funding rounds:
Other Financing Round
$3.1M
Other Financing Round
$2M
Other Financing Round
$5M
Other Financing Round (2020): $3.1M with participation from AU21, Woodstock Fund, CoinGecko, Mechanism Capital, 1kx Capital, TRGC, Brilliance, and Alameda
Other Financing Round (2021): $2M led by Hash Ventures, NEAR, Coinbase Ventures, Binance Labs, Avalanche, Delphi Ventures, Elrond, Hypersphere Ventures, and Moonbeam
Other Financing Round (2024): $5M supported by CMCC Global, Double Peak Group, Moonrock Capital, and RockTree
Key Investors in Covalent
CMCC Global
CMCC Global is a pioneering venture capital firm in Asia that specializes exclusively in blockchain technology, focusing on early-stage digital assets and infrastructure.
Double Peak Group
Double Peak Group specializes in value investing with a strong emphasis on regulatory compliance and institutional-grade due diligence.
Moonrock Capital
Moonrock Capital is a crypto-native advisory and venture capital firm that focuses on incubating and accelerating high-potential Web3 startups.
What's next for Covalent?
With this major enterprise-level funding, Covalent is well-positioned to deepen its technical moat and broaden its service offerings. The strategic focus will likely center on enhancing the scalability of its API infrastructure to accommodate the increasing complexity of multi-chain environments. As the firm continues to integrate with emerging blockchain protocols, it is expected to prioritize the development of advanced analytics tools that cater to the evolving needs of institutional-grade DeFi participants. By leveraging its robust network of backers, Covalent aims to solidify its role as the primary data provider for the next generation of decentralized applications, ensuring that data-backed decision-making remains at the forefront of the digital asset industry.
See full Covalent company page
