Covalent: Funding, Investors & Team (Sep 2026)
Covalent aims to address the often neglected issue of read-scalability in blockchains, which make it difficult to access data from blockchain nodes. By improving read-scalability, Covalent believes that new use-cases can be enabled. In addition, Covalent has introduced a normalized data model and a Unified API to further enhance their solution. The Covalent Unified API currently supports 32 blockchains and is used by over 1000 applications and 27,000 developers, with the potential for additional growth.
Covalent has raised $5.7M across 2 funding rounds on record, the most recent an undisclosed round of $3.7M announced in Jun 2024.
That round is below the $6.4M median round size for Blockchain and Cryptocurrency companies tracked on FundedIQ over the last two years.
Covalent Company Profile and Key Stats
Latest funding round on record: Jun 2024.
Covalent Funding Rounds
Covalent raised $2.0M in an undisclosed round announced in Mar 2021.
3.3 years later, an undisclosed round of $3.7M was announced in Jun 2024.
Covalent Founders and Leadership Team
Contact details for the Covalent team: 1 of 1 has an email address on file.
Start 14-day free trial →Covalent Funding Compared to Other Blockchain and Cryptocurrency Startups
Covalent's latest round of $3.7M is below the median round in Blockchain and Cryptocurrency. Medians cover the last 24 months of disclosed rounds.
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Covalent Funding FAQs
What does Covalent do?
Covalent aims to address the often neglected issue of read-scalability in blockchains, which make it difficult to access data from blockchain nodes. By improving read-scalability, Covalent believes that new use-cases can be enabled. In addition, Covalent has introduced a normalized data model and a Unified API to further enhance their solution. The Covalent Unified API currently supports 32 blockchains and is used by over 1000 applications and 27,000 developers, with the potential for additional growth.
How much funding has Covalent raised?
Covalent has raised $5.7M across 2 rounds on record. The most recent is an undisclosed round of $3.7M announced in Jun 2024.
When did Covalent last raise funding?
Covalent's most recent funding round on record is an undisclosed round of $3.7M, announced in Jun 2024.
Who founded Covalent?
FundedIQ lists Ganesh Swami (Founder) at Covalent.
Where is Covalent headquartered?
Covalent is based in Vancouver, British Columbia, Canada.
How many employees does Covalent have?
Covalent is in the 51-100 employee band.
How does Covalent's funding compare to other Blockchain and Cryptocurrency startups?
Covalent's latest round of $3.7M is below the $6.4M median round size for Blockchain and Cryptocurrency companies on FundedIQ across 659 tracked companies over the last two years.
About FundedIQ's Covalent Funding Data
FundedIQ tracks announced funding rounds and refreshes this profile every week. Round dates, stages and amounts are normalised to a single format, converted to US dollars, and de-duplicated: two records of the same round announced days apart are merged, and two genuinely different rounds are kept apart on the amounts they disclose. Amounts shown are the disclosed figures only — a round announced without a number is listed and excluded from the total rather than estimated.
Employee counts are reported bands, not exact headcounts. Founder and executive names carry the job title on record. Anything we do not hold for Covalent is left off this page rather than filled in.
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