What is Covalent?
Covalent provides a unified API designed to deliver full transparency and visibility to assets across all blockchain networks. Its proprietary technology offers a no-code solution that addresses a wide array of use cases, including portfolio tracking, taxation, and exchange integration. By normalizing and unifying blockchain data, Covalent enables developers and enterprises to bypass the complexities of raw chain interaction. The platform has experienced exponential growth in API call volume, driven by the increasing complexity of DeFi yield farming and the broader adoption of Web3 applications. As a critical middleware provider, Covalent ensures that smart contract data is accessible, granular, and actionable for its diverse clientele.
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 Brilliance, CoinGecko, TRGC, Woodstock Fund, Mechanism Capital, 1kx Capital, Alameda, and AU21
Other Financing Round (2021): $2M led by Hash Ventures, Avalanche, Hypersphere Ventures, Binance Labs, Delphi Ventures, Coinbase Ventures, Elrond, NEAR, and Moonbeam
Other Financing Round (2024): $5M supported by Double Peak Group, RockTree, CMCC Global, and Moonrock Capital
Key Investors in Covalent
Double Peak Group
Double Peak Group specializes in value investing, emphasizing regulatory compliance and institutional focus. They are committed to due diligence and maintaining a long-term time horizon in their investment strategies.
RockTree
RockTree Capital is an early-stage crypto-native fund headquartered in Beijing, focused on investing in Web3 projects globally. The company aims to accelerate the growth of these projects in Asian markets, with a particular emphasis on infrastructure and DeFi.
CMCC Global
CMCC Global is a pioneering venture capital firm in Asia that specializes exclusively in blockchain technology. The company offers investment opportunities through a diverse range of funds aimed at professional and accredited investors, focusing on early-stage blockchain technologies.
What's next for Covalent?
With this latest strategic financing, Covalent is well-positioned to accelerate its product roadmap and expand its footprint in the global Web3 infrastructure market. The company is expected to focus on enhancing its multi-chain support and deepening its data indexing capabilities to accommodate the next wave of decentralized applications. As the industry moves toward greater interoperability, Covalent's role in providing a standardized data layer will likely become even more pivotal. The firm will likely leverage this capital to scale its engineering operations and strengthen its competitive moat against emerging data providers, ensuring it remains the primary source of truth for blockchain-native assets and DeFi analytics.
See full Covalent company page
