Biconomy has raised USD9 million in a private funding round led by DACM and Mechanism Capital, with strategic investments from Coinbase Ventures, CoinFund, True Ventures, Bain Capital, NFX, Proof Group, Ledgerprime, Huobi Innovation Labs, Primitive Ventures, Genblock and Rarestone Capital as well as angel investments from Stani from Aave, Hasu, Stephane Gosselin from Flashbots, Prabhakar Reddy from Falcon X, Arbitrum founders and more.
The completion of this round of financing includes participation from previous investors including Woodstock Fund, Eden Block, and Zee Prime Capital.
Web3.0 applications face critical roadblocks to user adoption including complex user onboarding and confusing transaction experiences. At the core of Biconomy’s mission is to facilitate easy access to decentralised blockchain interactions and create seamless multi-chain experiences. By enabling use cases such as gas-less transactions, gas payments in ERC20 tokens, instant cross-chain transactions & easy onboarding to scaling solutions, Biconomy reduces the friction between blockchain-based applications and end-users.
“The plethora of bottlenecks of Web3.0 transactions, such as gas fees, ETH-only payments, complicated onboarding processes, and fragmented L2s along with a booming multi-chain ecosystem emerging have created major challenges for blockchain adoption,” says Ahmed Al-Balaghi, CEO of Biconomy. “If we are able to solve even a fraction of those challenges, we believe we will be able to onboard the next billion users into the DeFi and broader web3.0 ecosystem.”
The new round of funding will propel Biconomy to further scale its current products, as well to ensure its multi-chain transaction infrastructure for next-generation Web3.0 applications. It will decentralise its relayer network, including making essential technological developments, as well as expand its business ventures putting an emphasis on community growth. Biconomy has dubbed this phase ‘the revolution of Web 3.0 interactions’.
“Biconomy’s powerful plug and play SDK and APIs enable developers to offer a convenient Web3.0 experience removing many of the friction points users are currently facing,” said Andrew Kang, Managing Partner at Mechanism Capital. “They are abstracting away blockchain complexities for applications end-users which drastically helps to reduce drop-off rates and increase user retention.”
Biconomy has grown rapidly since its inception in 2019. To date, it has raised a total of USD10.5 million. Biconomy has already processed over 3.6 million mainnet transactions representing USD572 million transaction volume for 30-plus live integrations on all major chains. They are also on an exponential trajectory with over 200 dApp integrations in the pipeline.
“By enhancing developer and end-user experiences, Biconomy is paving the way for how blockchain applications are built,” says Adan D’Augelli, Partner at True Ventures. “The technology they have created will be a core infrastructure for the future of blockchain-enabled digital economies.”