Grove, previously known as Pocket Network, is a crypto infrastructure service provider that delivers services to stakeholders in blockchain infrastructure. The company rebranded from Pocket Network to Grove. According to the article, Grove recently secured $7.9 million in financing. Investors named in the report include Fidelity's Avon Ventures, Placeholder Capital and Druid Ventures. The article characterizes the funding as a strategic investment. No operating metrics or additional financial terms were provided in the article. Pocket Network is an infrastructure middleware protocol that provides decentralized cloud computing and abundant bandwidth on full nodes to applications across more than 20 blockchains, including Ethereum, Polygon, Solana and Harmony. The protocol coordinates and distributes blockchain data at scale, enabling developers to integrate blockchains into web, mobile, IoT and other applications. Usage and network activity have grown rapidly: monthly relays rose from 89 million a year earlier to 5.5 billion in December, with over two billion relays in a single week and daily peaks above 300M relays. The network is served by over 18,000 nodes run by hundreds of independent parties. Pocket Network reported total network revenue exceeding $56,000,000 in December, placing it among the Top Five revenue producers for blockchains and blockchain applications per Token Terminal. The company plans multi-jurisdictional expansion into the Asia-Pacific region and aims to scale to trillions of relays per day and hundreds of thousands of full nodes within five years.

Total raised

$18M

Funding rounds

2

Latest round

Equity

Latest activity

Dec 2023