This round brings SIMBA Chain's total funding to $28.7M. Here are the top-line bullets you need to know.
SIMBA Chain, an enterprise-grade smart contract provider, has raised $25M in a Series A. This round drew participation from Valley Capital Partners, Elevate Ventures, Pit Road, Stanford Law School Venture Fund, and undisclosed angel investors.
How’s the company performing?
- Indiana-based SIMBA Chain’s blockchain-as-a-service platform makes it easier for businesses to implement blockchain distributed apps.
- The company supports a variety of blockchain protocols, including Consensys Quorum, Avalanche, Ethereum, Hyperledger, and Binance Smart Chain, among others.
- SIMBA Chain’s revenue has grown 360% over the past 18 months, and it has over 6,000 users.
- The company’s partners include Platform One, Sap, Woolpert, DOW, and NavAir, among others.
Source: SIMBA Chain
Why does the market matter?
- The global blockchain technology market is expected to grow at a CAGR of 82.4% to reach a value of $394.60B by 2028, according to Grand View Research.
- Increasing global demand for digital payments is driving market growth. As central banks shift to digitized currencies, related technologies are seeing an influx of new investments.
- Blockchain funding reached an all-time high ($7B) in H1’21.