What is Covalent?
Covalent offers a unified API designed to bring comprehensive transparency and visibility to assets across all blockchain networks. Its proprietary technology provides a "no-code" solution that addresses a wide array of use-cases, including wallets, exchanges, custodians, and taxation. The API facilitates straightforward access to blockchain data, which is meticulously normalized, unified, and granular. Covalent has experienced exponential growth in API calls, particularly driven by the demand from DeFi yield farming activities, highlighting the critical need for its services among DeFi users seeking to monitor positions and make informed, data-backed decisions.
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, TRGC, Mechanism Capital, 1kx Capital, CoinGecko, Alameda, AU21, and Woodstock Fund
Other Financing Round (2021): $2M led by Binance Labs, Moonbeam, Avalanche, Delphi Ventures, Coinbase Ventures, NEAR, Hypersphere Ventures, Hash Ventures, and Elrond
Other Financing Round (2024): $5M supported by RockTree, Moonrock Capital, CMCC Global, and Double Peak Group
Key Investors in Covalent
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, DeFi, cross-chain solutions, and the Bitcoin ecosystem.
Moonrock Capital
Moonrock Capital is a crypto-native advisory and venture capital firm that focuses on incubating and accelerating blockchain and web3 startups. Since its establishment in 2019, the firm has been dedicated to supporting early-stage startups through its open-ended incubation program, MoonrockX, which offers funding, hands-on assistance, and access to an extensive network.
CMCC Global
CMCC Global is a pioneering venture capital firm in Asia that specializes exclusively in blockchain technology, with a presence in North America and Asia. The company offers investment opportunities through a diverse range of funds aimed at professional and accredited investors, focusing on early-stage blockchain technologies and digital assets.
What's next for Covalent?
With its recent major strategic investment, Covalent is poised for significant scaling and innovation. The company's focus on providing a unified, accessible API for blockchain data positions it as a key enabler for the burgeoning decentralized finance ecosystem. Future developments are likely to center on expanding data coverage, enhancing API capabilities, and forging deeper partnerships within the Web3 space. This strategic financing will empower Covalent to further its mission of making blockchain data universally accessible and actionable, supporting a new generation of decentralized applications and financial services.
See full Covalent company page
