Etherscan-Backed SolanaFM Raises $4.5M In Seed Round Led by SBI Group


Quick take:

  • SolanaFM has raised $4.5 million in a seed round led by SBI Group’s DAO fund.
  • The web3 startup previously raised funding from Etherscan and Coinhako in December 2021.
  • The seed round also attracted participation from Zee Prime, Spartan Group, Mirana Ventures, Petrock Capital, K3 ventures, D1 Ventures, FT capital, and 3Chaps.

SolanaFM has raised $4.5 million in a seed round led by SBI Group’s Digital Asset Opportunity Fund. The Solana blockchain explorer and analytics services provider said it will use the funds to expand its team to meet the growing demand for its services.

The fundraising also attracted participation from Zee Prime, Spartan Group, Mirana Ventures, Petrock Capital, K3 ventures, D1 Ventures, FT capital, 3Chaps, and several angel investors.

The web3 startup also raised funds in a pre-seed round led by Coinhako and Etherscan in December 2021.

SolanaFM provides data indexing services to Solana-based protocols whilst also offering fast, equitable data to businesses outside the ecosystem. The company has already collaborated with leading GameFi and DeFi companies like Genopets and Raydium.

It is currently working with leading compliance companies to provide them with a suite of APIs for their monitoring services.

SolanaFM launched 30 integrations in March 2022, which have contributed to the explorer’s growing user base. 

According to Fathurrahman, COO of SolanaFM, the company’s innovativeness, friendliness and data accessibility have “attracted the interests of not only GameFi and DeFi companies, but also research and staking companies like Chorus One.”

The platform is looking to build the backbone of crypto payment services in the GameFi and DeFi ecosystems. The company wants to be the primary blockchain for web2 companies looking to transition to web3.

Commenting on the announcement, Nicholas Chen, CEO of SolanaFM, said: “The long-term vision of SolanaFM is to build a vertically-scaled product in Solana’s data space. Unlike other players operating in a similar space, who are focused on carrying multi-chain perspectives right from the beginning, we position ourselves as a simplistic product developer.”

According to Chen, web2.5, which basically comprises Web3 products created for web2 users will be the key to the mass adoption of web3. SolanaFM’s goal is to make data as humanly readable as possible, he said, adding: “When the time comes, the company will move on toward a multi-chain yet human-centric data approach.”

On the other hand, Fathurrahman commented: “The company is honoured to have these investment powerhouses backing us to spur the growth of SolanaFM both within and outside the ecosystem. With a fresh injection of financing from our latest round of investors, the company aims to expand our team to achieve better customer fulfilment rates, support significantly faster development lifecycles and serve Solana users the general-purpose data tools they deserve.”

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