What is Covalent?
Covalent provides a unified API that offers comprehensive transparency and visibility into assets across all blockchain networks. Its proprietary technology delivers a "no-code" solution designed to address a wide array of use-cases, including wallets, exchanges, custodians, and taxation. The API facilitates straightforward access to normalized, unified, and granular blockchain data. The company has experienced exponential growth in API call volume, particularly driven by the increasing demand from the DeFi yield farming sector, highlighting the critical role Covalent plays for DeFi users in monitoring positions and making 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 AU21, Woodstock Fund, Mechanism Capital, 1kx Capital, TRGC, CoinGecko, Brilliance, and Alameda
Other Financing Round (2021): $2M led by Elrond, Hypersphere Ventures, Delphi Ventures, Moonbeam, Hash Ventures, NEAR, Coinbase Ventures, Avalanche, and Binance Labs
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?
The recent major strategic investment signals Covalent's readiness to scale its operations and further enhance its data infrastructure. This capital infusion is expected to fuel product development, expand its market reach, and strengthen its competitive advantage in the rapidly evolving blockchain data landscape. Covalent's focus on providing a unified and accessible API for blockchain data positions it to capitalize on the continued growth of decentralized finance and Web3 applications, likely leading to further strategic partnerships and market penetration.
See full Covalent company page
