Further Down the Web 3 Rabbit-hole: Announcing our $110M Series C WAGMI Round

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Our belief - people are not building Web 3 because they are excited about blockchains, infrastructure, or nodes. They work in it because they are excited about humanity. A profound shift in how technology may empower the individual and the collective - a revolution in ownership, in creativity, in how people organize. 

Web 3 is a human project. The tech is just a means to an end. 

We are happy to announce that we have closed our $110M Series C WAGMI round at a $1.4 billion post-money valuation. 🦄

The funding round will allow us to accomplish 4 core goals

  • Support More Proof of Stake Blockchains
  • Increase Staking Participation
  • Scale the Middleware and dApp Development Layers
  • Hire More Builders

Support More Proof of Stake Blockchains

The future of Web 3 is multi-chain, and Proof of Stake (PoS) blockchains will form the foundation of a better, more inclusive, and user-owned Internet. 

Our support of PoS ecosystems have grown tremendously this year with over 50+ blockchains supported by our enterprise-grade staking and node infrastructure. Our plan is to double that number by the end of next year. 

“Figment has had an exceptional year marked by continued success and explosive growth as PoS has become mainstream amid the growing movement to make finance more accessible and inclusive. The caliber of investors in our Series C round cements Figment’s position as one of the most trusted and well-established platforms in the Web 3 ecosystem." Lorien Gabel, Cofounder & CEO at Figment

Increase Staking Participation

Our belief is that the majority of value and data will be exchanged, settled, and stored on PoS blockchains. Making that belief a reality requires more Web 3 participation starting with the staking layer. Staking tokens make blockchains more secure, and increasing security of PoS blockchains will increase institutional adoption of Web 3. 

Our institutional staking client base has grown to over 130+ this year up from 31 the previous year. Increasing our enterprise-grade staking infrastructure capacity, particularly on Ethereum, will allow us onboard the next generation of institutional token holders to staking.

"Figment has built a reputation for operating best-in-class web 3 infrastructure that minimizes risk and maximizes security. As Proof of Stake assets proliferate, Figment is emerging as one of the premier staking partners for institutional investors." Ben Forman, Managing Partner at ParaFi Capital

Scale the Middleware and dApp Development Layers

As we continue to scale our support of PoS blockchains and increase staking participation, the need for scaling the middleware and dApp development layers becomes evermore important. Improving the usability and functionality of these layers will onboard more developers to Web 3, which is paramount to mainstream adoption. 

This year we significantly increased our DataHub full node capacity, and became core developers on decentralized protocols like The Graph (Indexing) and Pyth network (Data Oracles). We plan to support more decentralized infrastructure stack layers like storage, identity, messaging, and more next year. 

"We look forward to partnering with & supporting the Figment team. In particular, we are excited by Figment's growing developer tools & analytics infrastructure business, aimed at supporting the growing Web 3 engineering community and driving broader blockchain innovation." Ken Li, Director at Binance Labs

Hire More Builders

The team at Figment has grown immensely over the past year to over 119 people. What’s more impressive? No one has left during that time. We pride ourselves on having one of the best teams in Web 3 and we are looking for more builders to join our remote, diverse, and globally distributed team. 

"One of the most exciting things about building Web 3 is designing new ways of working and incentivizing teams. As a fully remote, decentralized team, Figment is more an ecosystem than a company. People thrive because they have autonomy, collaboration, and skin in the game to pursue building the future together.” Bill Mehleisen, Chief of Staff at Figment

Interested in joining our Web 3 journey? Check out our open positions

Series C Participants

The funding round was led by Thoma Bravo and marks one of their first investments in Web 3, with participation from numerous crypto-native institutions, VCs, asset managers, and global organizations. 

“We are thrilled to be partnering with the talented Figment team at an exciting point in their growth journey. Figment’s dedication to creating a simplified process for building on the next generation of blockchain technology as well as their entrepreneurial culture sets the company apart and we’re excited to work with them as they usher in the Web 3 future.” Tre Sayle, a Partner at Thoma Bravo

Additional Participants: Counterpoint Global (Morgan Stanley), ParaFi Capital, Binance Labs, Mirae Asset, Avon Ventures (a venture capital fund affiliated with FMR LLC, the parent company of Fidelity Investments), 2TM (MercadoBitcoin.com parent company), Bitstamp, Binance.US, CMS Holdings, Two Sigma, B Capital Group, Franklin Templeton, Standard Investments, Senator, Liberty City Ventures, Bonfire, DTCP, Wicklow, StarkWare, Anchorage Digital, BlockFi, IRONGREY, Voyager, Raptor, Willoughby Capital, AppWorks, Declaration Partners, Warburg Serres, Hof Capital, L1 Digital, Notion, Quiet Capital, Chaos Ventures, Atreides Management, Hazoor, Cobalt, True Equity, and executives at GoldenTree Asset Management

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