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Venly Raises €21m Series A for Web3 pivot

Blockchain wallet provider Venly says it has surpassed two million users.

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Venly, a blockchain wallet technology provider, has secured over €21m ($23m) in Series A funding, to scale its web3 strategy.

The cash will fund Venly’s new strategy centred around Web3 users, with a focus on gaming as well as eCommerce.

The round was led by Courtside Ventures with participation from Transcend Fund, Coinbase Ventures, Tioga Capital, High-Tech Gründerfonds, Fortino, Plug and Play, Leadblock Partners, Imec Istart, Powerhouse and Alpaca VC. 

It creates tools and products for Web2 businesses to allow them to try out Web3 processes via an API. Clients include The Sandbox, Aavegotchi, Bondly, Shopify,

The Belgium fintech company is also set to launch an accelerator track for game studios and Web3 startups who will be able to use Venly licenses at a discounted rate while getting guidance.

“The problem today is that most developers and end-users have difficulty interacting with Web3 technology. It needs to be more aligned with Web2 usability, which is exactly what the Venly platform provides. Our APIs and services allow a Web2 company to seamlessly integrate with Web3,” says Tim Dierckxsens, CEO of Venly. 

The fund raise follows another similar move from Argent who raised $40m this week to also scale its wallet technology to embrace Web3.

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