Haun Ventures' Funding Round Helps Thirdweb's Valuation Reach $160M

Thirdweb has reached a $160 million valuation following a successful $24 million funding round led by Haun Ventures.

Thirdweb is a platform that helps developers to create web3 apps.

Along with Katie Haun's Haun Ventures, other participants in the round included Coinbase Ventures, Shopify, Protocol Labs, Polygon, Shrug VC and billionaire Joseph Lacob, according to an announcement. The funding round closed last month, the announcement added.

Founded by Bebo founder Furqan Rydhan and entrepreneur Steven Barlett of Dragon's Den UK, the company caters to offering pre-built smart contracts to create products such as non-fungible token (NFT) drops to a marketplace, software development kits (SDKs) to build products from the ground up. A dashboard for developer teams to track or manage on-chain contracts.

It claims that the products they sell are entirely non-custodial and on-chain.

"As a developer, when you're thinking about web3, the first problem is everything is different than I have learned previously... if I want to create a token or an NFT or a wallet, how do I get started?" Furqan Rydhan told The Block. 

"Smart contracts are also a lot more sensitive than developing for traditional internet software where 'move fast, ship fast and break things' was the developer motto — a mistake on the blockchain could cost you $100 million."

Thirdweb is currently offering its services on the Ethereum, Avalanche and Fantom blockchains. However, work is underway to ready Solana integration with a possible launch date by the end of September.

It plans to use the funding to add further blockchains such as Cosmos, Near and Flow.

According to Rydhan, the company now has over three years of a runway with the new funding. He added that the runway is also supported with 60-70% still left over from its seed raise of $5 million back in December of last year.