Dune Analytics, a leading data analytics platform, announced a $69,420,000 funding round, in addition to a $1 billion valuation, which means the company has achieved "unicorn" status, which describes a valuation of $1 billion or more.

The Series B round was led by New York-based private equity firm Coatue, with participation from previous investors Multicoin Capital and Dragonfly Capital, among others.

The financing is a follow-on to the company's $2 million seed round completed in September 2020, in which Dragonfly Capital Partners was the lead investor, and an $8 million Series A round in August 2021, led by Union Square Ventures.

According to the announcement, the funds will be used to "educate, reward and develop a new generation of analysts who will gain real-time, actionable insight into web3 data."

Dune Analytics is highly respected throughout the space for providing real-time, on-chain quantitative metrics, graphs, and K-line charts in the cryptocurrency, blockchain, decentralized finance (DeFi), and most recently, irreplaceable token (NFT) markets. To date, the platform publishes blockchain data from Ethereum, Polygon, Optimism, Coinan Smartchain and xDAI.

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In a new initiative to promote Web3, Dune is looking to expand its existing community of 10,000 contributing analysts to 1 million by building a community-centric structure to incentivize contributions on the platform.

This community of analysts, known as the Dune Wizards, will be responsible for creating compelling content in pursuit of knowledge decentralization, which in turn will enable investors to make insightful, data-backed decisions. This marks an evolution of the walled traditional financial markets model, in which Wall Street investors gained an information advantage over their retail counterparts.

Mats Olsen, co-founder and CTO of Dune, promises that the company intends to build a community-centric model in the Web3 space.

“Dune will provide the tools necessary to enable users of all skill levels to conduct more thoughtful, impactful analysis and gain a deeper understanding of the evolving web3 world.”