A startup that aims to make it easier for web3 developers to build products using theBlockchain has raised$40 million in a Series B round of funding, just months after closing its Series A round.
The financing is an example of the rapid succession of funding rounds in the space. The $200 million extension to the Series C of Alchemy was reported by TechCrunch earlier this month. The company wants to be the starting place for developers looking to build a product on top of a blockchain.
The main difference between the two companies is that Tenderly is a platform designed to develop, test and monitor the health of the applications with its dashboard andAPI, while Alchemy is a platform that provides a service. It is said that it is more focused on smart contracts.
Tens of thousands of developers from apps such as Uniswap, Yearn Finance, Circle, Chainlink, and Instadapp Defi Saver are Open. The majority of the top 100 ethereum projects work with the company.
After years of working on the frontlines of software development, friends and co-workers, including Nebojsa Urosevic, founded Tenderly.
The group realized that the technology needed to be accessible to everyone in order for it to become the next core standard of the internet.
Bencic said that they started Tenderly as four engineers focused on a particular technology.
The group started out building the tools for themselves, but now Tenderly has evolved into a developer platform that processes over 25 million transactions daily. It now covers a lot of the same blockchains as before.
The image is tenderly.
We collaborated with the entire community to create a system of tools, services, and infrastructure to help developers quickly ship better products.
Despite not having proper expertise in the sales department, the company has seen a 500x increase in revenue and a 400x increase in users year-over-year.
He said that they hope to fix that in the coming year.
The growth of the space has not been impacted by the current volatility.
More resolve from developers to explore the web3 space in general is what we are seeing.
The startup is opening an office in San Francisco. The existing backers of the company, which led its Series A, also participated.
The company plans to use its new capital to continue building out its product offerings, as well as to hire technical and sales talent.
The Tenderly suite of products will lower the barrier for development in web3 and is increasingly empowering developers throughout the entire building journey, according to the general partner of the financing.
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Tenderly raises $15.3M to help Ethereum developers ship decentralized apps faster
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