Blockchain-based Web 3.0 platform Vendia raises $30m
Founded in 2020, the start-up has raised a total of more than $50m across three funding rounds
Blockchain-based Web 3.0 platform Vendia, which wants to make it seamless for businesses to share code and data across applications, has raised $30m in a new Series B funding round.
The round was led by NewView Capital, with participation from Neythri Futures Fund, Operator Partners and Lux Capital. The funding also includes investment from a series of notable investment firms, including Aspenwood Ventures and BMW iVentures, among others.
The Series B round brings the start-up’s total amount raised to more than $50m, following a successful $15.5m Series A round in February 2021, and a $5.1m seed round that closed six months prior.
Vendia was founded in early 2020 and is currently led by former Amazon Web Services executives Tim Wagner and Shruthi Rao. The start-up said it will use the fresh capital to help grow its team of around 100 employees and scale its partnerships in areas such as compliance.
On a mission for frictionless date sharing
Vendia's mission since its inception has been to solve the friction that businesses face when it comes to sharing data and code between applications, which can be costly and time-consuming for firms that don’t have the right tech stack available. Businesses that also rely on outdated systems could face challenges related to data silos when working with new companies, suppliers and partners.
According to the start up, the demand within the sector of transacting between blockchain and serverless cloud computing in the Web 3.0 space is increasingly dramatically. In the last 12 months, “Vendia has experienced 16x growth in annual recurring revenue with a 550% increase in new customers”, said the company.
‘Businesses are struggling to share critical date’
Ben Fu, partner at NewView Capital, said: “Companies across all industries are struggling to manage and share business-critical data in a secure and scalable way that also allows for a single, shared platform across partners.
“The market need for next-gen blockchain solutions like Vendia is undeniable, and we were instantly impressed with the power of the product and Tim and Shruthi’s deep experience building cloud-scale platforms.”