Total amount raised
$11.2 Million
Latest funding date
05/01/2024
Location
Switchboard has successfully completed three funding rounds, attracting investments from 19 investors, including notable names like Arche Fund and Tribe Capital. The company has consistently garnered interest from the investment community, reflecting its potential and innovative approach.
Keep reading to explore the intricacies of Switchboard's fundraising journey and the investors backing this promising platform.
What Is Switchboard?
Switchboard is a private company based in Tallahassee, Florida, operating in the Blockchain and Developer APIs industries. The company is currently in the Series A funding stage and has a small team of 1-10 employees.
Switchboard allows developers to publish data on-chain by creating data feeds from API. Despite its small size, the company has attracted significant interest from investors, reflecting its innovative approach and potential in the tech industry.
How Much Funding Has Switchboard Raised?
- Seed Round
- Amount Raised: USD 3,500,000
- Date: June 2021
- Lead Investors: Lemniscap
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial version of their platform and attract early users.
- Undisclosed Round
- Amount Raised: USD 150,000
- Date: January 2022
- Lead Investors: Alameda Research
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure additional funds for operational costs and minor platform enhancements.
- Series A Round
- Amount Raised: USD 7,500,000
- Date: May 2024
- Lead Investors: Tribe Capital, RockawayX
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and development efforts.
Total Amount Raised: USD 11,150,000. Current Valuation: Not publicly disclosed.
Key Investors
- Tribe Capital
- Details: Tribe Capital is a venture capital firm that leverages data science to identify and invest in promising startups. They are known for their analytical approach to investment.
- Investment Focus Areas: Technology startups, data-driven companies, innovative solutions.
- Notable Investments: Carta, Bolt, Relativity Space.
- RockawayX
- Details: RockawayX is a venture capital firm specializing in blockchain and digital assets. They focus on supporting the growth of decentralized technologies.
- Investment Focus Areas: Blockchain technology, digital assets, decentralized finance.
- Notable Investments: Solana, other digital asset ventures.
- Alameda Research
- Details: Alameda Research is a quantitative cryptocurrency trading firm and liquidity provider. They are known for their significant influence in the crypto market.
- Investment Focus Areas: Cryptocurrency, blockchain technology, financial services.
- Notable Investments: Not publicly disclosed.
- Lemniscap
- Details: Lemniscap is an investment firm focused on blockchain technology and cryptocurrency. They aim to support the development of decentralized applications.
- Investment Focus Areas: Blockchain technology, cryptocurrency, decentralized applications.
- Notable Investments: Not publicly disclosed.
What's Next for Switchboard?
Switchboard stands at the cusp of significant growth, driven by the increasing demand for customizable and permissionless oracle networks. With over 100,000 users and $2 billion in total value secured, the company is poised to expand its operations and enhance its platform capabilities. The involvement of high-profile investors like Tribe Capital and RockawayX underscores the potential for future fundraising rounds, which could further accelerate their growth trajectory.
However, the path ahead is not without challenges. Competition from other oracle network providers and the need to ensure the security and reliability of data feeds are critical hurdles. As Switchboard scales, maintaining its customizable and permissionless nature will be essential to sustaining its competitive edge in the rapidly evolving blockchain industry.
Use Clay to Get Funding Data
Sales professionals, leverage Clay’s platform to access comprehensive fundraising data on companies like Switchboard and gather other critical business insights.
Sign up for free to start transforming your sales strategy today.
