Sebastian Sinclair

<div id="highlights-block_62698ff4f7f0c" class="highlights">
 <ul>
 <li>Belgium-based Venly will use the funds to grow its team, develop Web3 products and establish an accelerator track</li>
 <li>Venly develops blockchain-based products including a digital wallet, NFT tools and marketplace services for companies such as The Sandbox and Shopify</li>
 </ul>
 
</div>



Belgium-based blockchain technology provider Venly has scooped up 23 million euros ($22.1 million) in a Series A funding round led by Courtside Ventures with the capital intended for the development of its Web3 products.



The latest round raises Venly&#8217;s post-money valuation to over $100 million, a company spokesperson told Blockworks.



Transcend Fund, Coinbase Ventures, Tioga Capital, High-Tech Gründerfonds, Fortino Capital, Plug and Play, LeadBlock Partners, Imec.istart and Alpaca VC also participated, according to a Wednesday press release.



Venly said it will use its fresh capital to research and develop products that would benefits users engaging with Web3 infrastructure, with a focus on gaming and e-commerce.



Previously known as the Arkane Network, Venly develops blockchain-based products including a digital wallet, NFT tools, and marketplace services for companies such as The Sandbox, Aavegotchi, Bondly and Shopify.



The budding company clocks around two and a half million wallet downloads annually and employs around 39 people, the spokesperson said.



Venly said it intends to provide game studios and publishers with a &#8220;no-code&#8221; solution for Web3 users, further its e-commerce NFT (non-fungible token) integrations with Shopify.



&#8220;The problem today is that most developers and end-users have difficulty interacting with Web3 technology,&#8221; Venly CEO Tim Dierckxsens said. &#8220;It needs to be more aligned with Web2 usability, which is exactly what the Venly platform provides.&#8221;



An accelerator track for game studios and Web3 startups will also be established, offering support and investment from the firm&#8217;s team and ecosystem of partners, per the release.



&#8220;The Venly platform provides game developers the ability to easily launch Web3 experiences,&#8221; Kai Bond, partner at Courtside Ventures, said. &#8220;We&#8230;believe that the next huge area of growth in the NFT ecosystem will come from mainstream users interacting with their favorite IP.&#8221;



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