Dune Analytics announced on Wednesday 23 September that it has raised a $2 million seed round.
The company clarified in a statement that this round aims to scale up the Dune Analytics team and product.
Moreover, Dragonfly Capital led the round, according to the statement.
The funding list also included Multicoin Capital, Hashed, Coinbase Ventures, and Digital Currency Group.
The list also contained DeFi Angels such as Stani Kulechov (Aave) and Matteo Leibowitz (Uniswap), in addition to Calvin Liu (Compound), Stefan George (Gnosis), and Anthony Sassano (Set/Ethhub).
“With the funding we will be able to scale and greatly improve the Dune product,” Dune Analytics said.
The company clarified that the improvement will be in favour of query creators and non-technical community members exploring dashboards.
It also announced making its very first hires remotely across Europe to help elevate the Dune Analytics experience. “This is a once in a lifetime opportunity to build something incredibly useful with a small team in this decade’s most exciting industry!”
According to the company, it has witnessed huge growth over the last few months. There are now thousands of community members creating and exploring awesome queries and dashboards with Dune.
It noted that “18,000 analyses have been created and that number is growing rapidly. We are truly grateful and excited to see all the wonderful things the community builds with Dune every day.”
DragonFly Capital, an investor and user of Dune Analytics’ services, said that Dune Analytics “resembled Github for data analysis.”
“Instead of queries and dashboards sitting siloed, each query is open source and extensible. This is a powerful revolution in how public data can be harnessed by the community,” it added in a blog.
“This has propelled Dune to become the default way people in the Ethereum space talk about and exchange data today.”
Therefore, “Dune dashboards replaced expensive, unauditable closed-source dashboards.”
The company was founded in 2018. It only had a two-man operation at first, building out Dune Analytics on a shoestring budget.