Toronto-based Web3 startup Uniblock has secured $3.1 million CAD ($2.3 million USD) in pre-seed financing as it looks to become the default platform for blockchain developers.
According to Uniblock CEO and co-founder Kevin Callahan, the pre-seed round had no lead investors, but saw participation from Cadenza, Blockchain Founders Fund, Side Door Ventures, AQN, Serafund and Outsider Ventures. This round marks Uniblock’s first external raise to date.
“Their platform is a massive upgrade for any company that wants to build, manage, and maintain a Web3 product.”
Fragmentation is a key challenge for blockchain developers. A 2021 report by Deloitte Insights observed that the early blockchain market was characterized by a multitude of platforms and protocols that lacked standardized technical processes. This absence of interoperability restricted enterprises from effectively engaging across various platforms.
Uniblock aims to tackle this fragmentation by connecting blockchain tools, such as Alchemy, thirdweb, Moralis, Parsiq, Covalent, and QuickNode, into one Web3 API platform. The startup’s goal is to consolidate Web3 integrations into one toolkit, allowing developers to easily scale their projects. Uniblock claims to have over 1,000 customers using its platform.
The startup, which has offices in Toronto and San Francisco, was co-founded by Callahan, CTO David Liu, and vice president of engineering James Liu. Callahan is an alumni of Coinbase and Twitter, and is an adjunct professor in product management at Toronto Metropolitan University.
Blockchain is the technology that underlies a number of Web3 products, including cryptocurrencies and non-fungible tokens (NFTs). Hype in the sector has faded in recent years following the decline in market prices of major cryptocurrencies and a slowdown in the trading volume of NFTs.
RELATED: Aquanow launches AQN Digital Ventures Fund to back next generation of blockchain startups
But Web3 is still relatively active in Canada. In August, Coinbase announced its official entry into the Canadian market, while startups like LayerZero, Oamo, and TransCrypts have managed to garner investor interest this year.
“Uniblock’s innovative approach to Web3 development holds the promise of transforming how blockchain products are built,” Aly Madhavji, managing partner at Blockchain Founders Fund, said in a statement. “We’re backing their mission to tackle this fragmented market with their easy-to-use Unified Web3 API platform. Their platform is a massive upgrade for any company that wants to build, manage, and maintain a Web3 product.”
Uniblock’s team currently stands at 12, and Callahan told BetaKit the pre-seed funding will be put towards hiring more members to its engineering, partnership, and marketing teams.
Feature image courtesy of Uniblock.
