Thirdwave has emerged from stealth with $7 million received from a seed round led by Framework Ventures. The blockchain analytics and insights platform provides web3 companies with on-chain data including customer data, social channel information, website analytics, and industry benchmarks.
Thirdwave is driven by the need to provide blockchain game developers and web3 builders with a deeper understanding of the market. The company plans to use the funds to build key aspects of its discovery engine.
The fundraising also attracted participation from leading blockchain investment company Animoca Brands, as well as, Play Ventures, crypto-focused venture capital firm Shima Capital, Hustle Fund and Oceans Ventures.
The fundraising comes less than a month after Shima Capital debuted its $200 million web3 fund and nearly five months after the lead investor Framework Ventures launched a $400 million web3 fund, with $200 million dedicated to gaming.
Although the crypto downturn appears to be affecting cryptocurrency prices, venture capital funding continues to pour in. According to data compiled by The CrunchBase Web3 Tracker, over 15,700 web3 companies have raised more than $88 billion to date. The fundraisings have already produced 79 unicorns according to CrunchBase.
Although there was a significant slowdown in VC funding for Web3 companies in Q2, 2022, companies still raised more than $6 billion during the quarter.
Thirdwave is looking to provide crucial blockchain data to these companies to aid in their web3 strategy. The company was founded by ex-Facebook gaming and mobile app developers Peter Jonas and Matt Lorenzen.
Commenting on the fundraising, Thirdwave Co-Founder, Peter Jonas said the current wave of innovation (web3 gaming) represents the greatest opportunity in the history of gaming.
“Blockchain offers game developers and players shared ownership and as a result true alignment for the first time. Despite this incredible opportunity in front of the industry much of the infrastructure needed for developers to be successful has yet to be built – this is where Thirdwave comes in,” Jonas added.
On the other hand, Michael Anderson, Partner and Co-Founder at Framework Ventures pointed to the lack of access to customer data insights as one of the biggest challenges web3 companies face.
“With their past experience building and scaling data discovery engines for consumer giants like Facebook, we think Thirdwave is positioned to give web3 projects, especially in the GameFi space, the ability to truly understand their users,” Anderson added.