Notably, all of the company’s previous investors - which include the likes of Andreessen Horowitz (a16z), Coatue Management, DFJ, Pantera, Lee Fixel’s Addition - also put money in the latest financing.Īlchemy’s goal is to be the starting place for developers considering building a product on top of a blockchain or mainstream blockchain applications. Not bad for two guys who started the company out of their apartment five years ago.Įxisting backer Lightspeed Venture Partners and new investor private equity firm Silver Lake co-led Alchemy’s latest investment, which brings the company’s total raised since its 2017 inception to $545.5 million. To further put that into context, that’s a gain of nearly $1.1 billion in value per month. ![]() This means the startup has seen its value surge by nearly 3x since October and by a staggering 19.8x since last April - just a little over nine months ago. And in late April of 2021, the startup was valued at $505 million after an $80 million Series B investment. In October, the startup was valued at $3.5 billion after a $250 million Series C round. What is remarkable about this raise is the velocity at which Alchemy has managed to grow its valuation in a relatively short period of time. And put simply, Alchemy wants to do for blockchain and web3 what AWS (Amazon Web Services) did for the internet. The ultimate vision is that Alchemy Springs becomes a public bathing facility that caters to members, drop-in guests and city tourists alike and unites everyone – of every economic status, race and gender – around the spirit of wellness and community.As proof that web3 is not some passing trend, blockchain infrastructure startup Alchemy announced today that it has closed on a $200 million Series C1 equity round that values the company at $10.2 billion.įor the unacquainted, web3 refers to a decentralized web based on the blockchain. The project is raising funds through Small Change, an online real estate crowdfunding platform that provides an opportunity for anyone over 18 to invest, giving the general public an opportunity to own part of the company alongside accredited investors and to take part in this community building project for a manageable cost. “We welcome Alchemy Springs as an exciting new business, one that we believe will build a cultural movement that will have ripple effects well beyond our city.” “Bathhouses are the perfect urban remedy for the rise in stress, technology overload and the decline of human interaction and access to nature. “Community is at the forefront of the project, where we aim to provide an inclusive and accessible oasis that encourages social, collective wellness in San Francisco. “We’re incredibly excited to take this next step in sharing Alchemy Springs with the public,” said Rodney Fong, fourth-generation San Franciscan and small business owner. The guest journey is being curated so that visitors are immersed in a journey of the senses as they experience nature’s healing elements alongside bathing amenities inspired by the ancient alchemic elements of water, fire, air and earth. Plans include 16,000sq ft of open indoor-outdoor space, complete with multiple therapeutic baths including moon, mineral, massage and sun baths, as well as a salt cave, herbal steamroom, treatment rooms, an elixir lounge, café and retail boutique. Industry figure and consultant Mia Kyricos is also acting as an advisor on the project.Īlchemy Springs will incorporate a modern biophilic design to bring the outdoors indoors and provide a psychological and physical healing space to unplug and immerse in nature. ![]() ![]() The designers are drawing inspiration from the Sutro Baths for the new bathhouse’s design. ![]() In 1966, the facility closed and later burnt down in June of that year.Īcting as a modern counterpart, Alchemy Springs will bring a communal bathhouse back to the city and be realised within a renovated masonry and timber warehouse built in 1919.Īrchitect Olle Lundberg and Lundberg Design are working in partnership with landscape architects Surface Design & Habitat Horticulture to create the new location. With a target opening of Q3 2024, Alchemy Springs is set to pay homage to San Francisco's history as the home of the iconic oceanfront Sutro Baths.īuilt in 1894, Sutro Baths was a glass-roofed structure containing seven pools where the community socialised and enjoyed the natural healing salt waters of the Pacific Ocean. Alchemy Springs Communal Bathhouse, a planned hydrothermal spa located in San Francisco’s Lower Nob Hill neighbourhood, has announced a vision to revive the city’s bathhouse culture and provide a place for community and wellness to intersect through social bathing.
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