# Dune Analytics
Dune Analytics is a Norwegian crypto data and analytics company, founded in Oslo in 2018 by Fredrik Haga and Mats Olsen, that operates a community-first web3 platform where users query, visualize, and share blockchain data using SQL; it continues to operate as of 2026.[1](https://www.prnewswire.com/news-releases/dune-analytics-closes-69-420-000-series-b-led-by-coatue-301473567.html) • [2](https://community.dune.com/blog/started-from-the-bottom) • [3](https://news.bitcoin.com/dune-cuts-25-of-staff-and-bets-on-ai-to-power-crypto-datas-next-chapter/)
| Fact | Detail |
|---|---|
| Founded | August 2018, Oslo, Norway, by Fredrik Haga and Mats Olsen[4](https://www.businessinsider.com/crypto-unicorn-coatue-dune-analytics-blockchain-data-venture-capital-investing-2022-2) |
| Sector | Crypto data and analytics (onchain data warehouse)[1](https://www.prnewswire.com/news-releases/dune-analytics-closes-69-420-000-series-b-led-by-coatue-301473567.html) |
| Total raised | Roughly $79 million across disclosed rounds[1](https://www.prnewswire.com/news-releases/dune-analytics-closes-69-420-000-series-b-led-by-coatue-301473567.html) |
| Largest round | $69,420,000 Series B led by Coatue, announced February 2, 2022[1](https://www.prnewswire.com/news-releases/dune-analytics-closes-69-420-000-series-b-led-by-coatue-301473567.html) |
| Valuation | $1 billion at the February 2022 Series B[1](https://www.prnewswire.com/news-releases/dune-analytics-closes-69-420-000-series-b-led-by-coatue-301473567.html) |
| Other investors | Multicoin Capital, Dragonfly Capital[1](https://www.prnewswire.com/news-releases/dune-analytics-closes-69-420-000-series-b-led-by-coatue-301473567.html) |
| Scale | 100+ blockchains indexed, 3+ petabytes of data, 1,500+ paying customers claimed[5](https://docs.dune.com/) |
| Status (2026) | Operating; 25% of staff laid off in a refocus on AI tools and institutional clients[3](https://news.bitcoin.com/dune-cuts-25-of-staff-and-bets-on-ai-to-power-crypto-datas-next-chapter/) |
## History and founding
Fredrik Haga and Mats Olsen, two first-time founders, created Dune out of Oslo, Norway in 2018.[2](https://community.dune.com/blog/started-from-the-bottom) The company built an online platform for dashboards and charts based on blockchain data such as decentralized exchange and non-fungible token trading volumes.[4](https://www.businessinsider.com/crypto-unicorn-coatue-dune-analytics-blockchain-data-venture-capital-investing-2022-2)
The first revenue came from Dharma, which became Dune's first paying customer roughly three months after founding, paying $600 per month for cleaned-up Ethereum data shipped on December 1.[2](https://community.dune.com/blog/started-from-the-bottom) At that stage Dune was a paid B2B dashboard product with two paying customers as its only traction. The founders decided to put those deals at risk and pivot to a free and open community product, a decision that shaped the platform's community-driven character.[2](https://community.dune.com/blog/started-from-the-bottom) The founders later described raising early venture funding as a brutal experience before the Series B.[4](https://www.businessinsider.com/crypto-unicorn-coatue-dune-analytics-blockchain-data-venture-capital-investing-2022-2)
## Products, technology and data
Dune indexes raw blockchain data into a queryable warehouse. Users build dashboards and share them; the platform also offers APIs and connectors for programmatic access, plus warehouse streaming and transformation pipelines.[5](https://docs.dune.com/) As of its documentation, Dune indexes more than 100 blockchains holding more than 3 petabytes of data.[5](https://docs.dune.com/) At the time of the Series B in early 2022, the platform supported queries for five blockchains: Ethereum, Polygon, Optimism, Binance Smart Chain, and xDAI.[1](https://www.prnewswire.com/news-releases/dune-analytics-closes-69-420-000-series-b-led-by-coatue-301473567.html)
Among the uses of Series B proceeds, the company said it would ship one of its most requested features ever: the Dune API.[6](https://dune.com/blog/series-b)
## Funding and investors
Dune's disclosed funding rounds:
- **Pre-seed:** $250,000, raised March 2019.[2](https://community.dune.com/blog/started-from-the-bottom)
- **Series A:** $8 million, August 2021.[1](https://www.prnewswire.com/news-releases/dune-analytics-closes-69-420-000-series-b-led-by-coatue-301473567.html)
- **Series B:** $69,420,000, raised November 2021 per the founders' timeline and announced publicly on February 2, 2022, led by Coatue with participation from existing investors including Multicoin Capital and Dragonfly Capital.[1](https://www.prnewswire.com/news-releases/dune-analytics-closes-69-420-000-series-b-led-by-coatue-301473567.html) • [2](https://community.dune.com/blog/started-from-the-bottom)
The Series B valued the company at $1 billion, following the $8 million Series A, for a reported total of roughly $79 million raised across disclosed rounds.[1](https://www.prnewswire.com/news-releases/dune-analytics-closes-69-420-000-series-b-led-by-coatue-301473567.html) Following that round, Dune was one of at least 65 crypto unicorns, meaning private companies valued at $1 billion or more.[4](https://www.businessinsider.com/crypto-unicorn-coatue-dune-analytics-blockchain-data-venture-capital-investing-2022-2)
## Business, customers and the wizard community
Dune's community of contributors, known as Wizards, create the queries and dashboards that make up much of the platform's public analysis; by February 2022 more than 10,000 analysts had created 100,000 pieces of analysis on Dune.[1](https://www.prnewswire.com/news-releases/dune-analytics-closes-69-420-000-series-b-led-by-coatue-301473567.html) The company said it had no plans to issue a token but would use web3 tooling to ensure Wizards adding value to the community get paid accordingly.[6](https://dune.com/blog/series-b)
On the commercial side, Dune claimed 1,500+ paying customers as of its documentation.[5](https://docs.dune.com/) The company said it reached unicorn status with only 16 employees at the time of the Series B.[6](https://dune.com/blog/series-b) • [2](https://community.dune.com/blog/started-from-the-bottom)
## Recent developments
Dune's own 2024 reflections describe a substantial expansion. A year before that post the platform supported just over 10 chains; during 2024 it integrated 75 new chains, adding non-EVM ecosystems alongside Ethereum layer-2 networks.[7](https://dune.com/blog/2024-reflections) In 2024 the company launched Echo, a developer platform offering multichain sub-second latency data APIs, addressing what had been minutes-long data latency.[7](https://dune.com/blog/2024-reflections) It also integrated AI into core workflows, introduced multichain decoding, [pivot tables](https://www.edgepedia.org/pivot-table), dashboard minting, and a new code editor, and launched a blockchain data sharing solution for enterprises on Snowflake Marketplace.[7](https://dune.com/blog/2024-reflections) Dune also brought in the team and technology of smlXL, whose EVM-instrumentation capabilities the founders described as the most powerful and exciting take on the future of crypto data.[7](https://dune.com/blog/2024-reflections) PitchBook records a merger/acquisition deal between Dune Analytics and smlXL made on 11 November 2024, though the company's own account gives no date and the deal terms are not independently reported.[8](https://pitchbook.com/profiles/company/435367-09)
In 2026, Dune laid off 25% of its workforce, with CEO Fredrik Haga citing a sharpened focus on AI-powered data tools and institutional clients moving onchain.[3](https://news.bitcoin.com/dune-cuts-25-of-staff-and-bets-on-ai-to-power-crypto-datas-next-chapter/) The centerpiece of that strategy is Dune MCP, a product that allows teams and AI agents to build dashboards and workflows without SQL knowledge or data infrastructure experience, targeted at financial institutions.[3](https://news.bitcoin.com/dune-cuts-25-of-staff-and-bets-on-ai-to-power-crypto-datas-next-chapter/)
## References
1. [Dune Analytics Closes $69,420,000 Series B Led by Coatue (PR Newswire)](https://www.prnewswire.com/news-releases/dune-analytics-closes-69-420-000-series-b-led-by-coatue-301473567.html)
2. [Started From The Bottom - from nobody to unicorn in 3 years (Dune community blog)](https://community.dune.com/blog/started-from-the-bottom)
3. [Dune Cuts 25% of Staff and Bets on AI to Power Crypto Data's Next Chapter (Bitcoin.com News)](https://news.bitcoin.com/dune-cuts-25-of-staff-and-bets-on-ai-to-power-crypto-datas-next-chapter/)
4. [Crypto Unicorn CEO Explains How to Use Analytics Platform to Invest (Business Insider)](https://www.businessinsider.com/crypto-unicorn-coatue-dune-analytics-blockchain-data-venture-capital-investing-2022-2)
5. [Crypto's Data Hub — Dune documentation](https://docs.dune.com/)
6. [We've raised a $69,420,000 Series B led by Coatue (Dune blog)](https://dune.com/blog/series-b)
7. [2024 reflections (Dune blog)](https://dune.com/blog/2024-reflections)
8. [Dune Analytics 2026 Company Profile (PitchBook)](https://pitchbook.com/profiles/company/435367-09)
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*Topic: Encyclopedia › Society and history › Economics and business › Business and work › Business and work overview › Companies and corporations › Venture-backed startups and growth companies › Fintech, commerce, and consumer startups › Crypto and digital assets*
*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license