- The round was led by 10T Holdings and had a post-money valuation of $135 million.
- The investment will be used to expand Blockworks’ product suite and Research platform.
- Blockworks offers conferences, news, and research products, including GovHub, which tracks protocol proposals in the industry.
Blockworks, the crypto news and media company, announced on Tuesday that it had closed a $12 million fundraising with a $135 million valuation.
According to co-founders Michael Ippolito and Jason Yanowitz, the investment, led by 10T Holdings, will be used to expand Blockworks’ product suite and Research platform.
“For the past year, we’ve been building Blockworks Research, a powerful investment platform that brings together data, analytics, research, governance, and real-time news,” Blockworks co-founders Jason Yanowitz and Michael Ippolito wrote in an announcement post.
Yanowitz stated, “Our core belief is that cryptocurrency is an entirely new asset class; as the crypto industry grows, industry participants will require a media and information platform that provides them with the information they require.”
“Financial institutions and deeply crypto-native investors rely on Blockworks Research to make better decisions. This investment allows us to double down on this effort to bring better information to the industry.”
Framework Ventures and crypto angel investor Santiago Santos are among the investors.
Since its inception in 2018, Blockworks has expanded its conference lineup to include the Digital Asset Summit. This institutionally focused event will relocate to Washington, D.C., in 2024 to reflect the intensifying regulatory landscape and DeFi-forward Permissionless, which is set to take place in September of this year.
In addition, the team launched a news platform in 2021 and unveiled a data and research product in 2022. GovHub, a platform that tracks protocol proposals across the industry, is now available from Blockworks Research.
The new investment comes at a challenging time for crypto-focused publications, and venture capital funding in the cryptocurrency space is slowing down. This is due to an extended bear market, and several high-profile scandals have rocked the industry.
In December, The Block revealed hidden financial ties to Sam Bankman-Fried’s Alameda Research. In addition, CoinDesk’s parent company, Digital Currency Group, announced on Tuesday that it is looking to refinance the outstanding obligations owed to Genesis, its bankrupt lending division.
Also, this month, Galaxy Digital reported that investors put $2.4 billion into crypto-focused companies in the first quarter of 2023, marketing the lowest quarter in nearly two years. In addition, the median deal size in the first quarter of the year was $2.5 million, down from $4.5 million in the third quarter of 2022.
“We’re excited to raise this capital to continue investing in building high-quality content and products that serve our audience,” Yanowitz stated.
