- Belgium-based Venly will use the funds to grow its team, develop Web3 products and establish an accelerator track
- Venly develops blockchain-based products including a digital wallet, NFT tools, and marketplace services for companies like The Sandbox and Shopify
Belgium-based blockchain technology provider Venly has scooped up €23 million (US$22.1 million) in a Series A funding round led by Courtside Ventures with the capital intended for the development of its Web3 products.
The latest round raises Venly’s post-money valuation to over $100 million, a company spokesperson told Blockworks.
Transcend Fund, Coinbase Ventures, Tioga Capital, High-Tech Gründerfonds, Fortino, Plug and Play, Leadblock Partners, Imec.istart and Alpaca VC also participated, according to a Wednesday press release.
Venly said it will use its fresh capital to research and develop products that would provide benefits to users engaging Web3 infrastructure, with a focus on gaming and e-commerce.
Previously known as the Arkane Network, Venly develops blockchain-based products including a digital wallet, NFT tools, and marketplace services for companies like The Sandbox, Aavegotchi, Bondly and Shopify.
The budding company clocks around two and a half million wallet downloads annually and employs around 39 people, the spokesperson said.
Venly said it intends to provide game studios and publishers a “no-code” solution for Web3 users as well as to further its e-commerce NFT integrations with Shopify.
“The problem today is that most developers and end-users have difficulty interacting with Web3 technology,” said Venly CEO Tim Dierckxsens. “It needs to be more aligned with Web2 usability, which is exactly what the Venly platform provides.”
An accelerator track for game studios and Web3 startups will also be established offering support and investment from the firm’s team and ecosystem of partners, per the release.
“The Venly platform provides game developers the ability to easily launch Web3 experiences,” says Kai Bond, Partner at Courtside Ventures. “We…believe that the next huge area of growth in the NFT ecosystem will come from mainstream users interacting with their favorite IP.”
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