Blockchain development platform Tenderly raises $40 million in a Series B funding round led by Spark Capital.
What Tenderly Does?
Tenderly is a blockchain development platform that simplifies building innovative blockchain products. The company works closely with the Web 3.0 community to provide the right tools, services, and infrastructure to help developers build groundbreaking products, with less friction.
The venture-backed blockchain development platform was founded in 2018 by Andrej Bencic (CEO), Bogdan Habic (CTO), Miljan Tekic (COO) and Nebojsa Urosevic (Blockchain Architect).
The group was able to recognize quite early the incredible potential of blockchain becoming the next core standard of the internet, but in order for this to happen, the technology needed to be accessible to everyone.
As per the Tenderly team, what started as a much needed debugging tool has now evolved into a full-service developer platform processing more than 25 million transactions through the Tenderly virtual machine (VM) daily.
Andrej, CEO and Co-Founder of Tenderly, mentioned that blockchain represents the future of software, underpinned by its open collaboration and opportunities for innovation. “We built Tenderly to be a completely unique product in the space to help lead the charge in establishing blockchain as a viable building option for everyone, everywhere. Our founding team has tapped into more than a decade of combined knowledge of what the web3 community needs, which is why we’ve worked in close collaboration with the entire community to create a system of tools, services, and infrastructure to help developers quickly ship better products. We’re proud that Tenderly is the preferred choice for blockchain native companies and we’re excited to continue expanding on this positive momentum,” Andrej added.
According to the company, Tenderly is used for real-time monitoring, alerting, debugging, and simulating smart contracts – a leading suite of product offerings ideal for developers of all skills, providing an unparalleled vision into the blockchain development process and web3 landscape. The company is currently seeing 500 percent YoY revenue growth and 420 percent YoY growth in registered users including Chainlink, Uniswap Labs, Yearn Finance, Aave, Nexus Mutual, and Instadapp, among others.
Shade Undertree, engineer at Yearn Finance, said:
“Tenderly is one of the few teams out there that can keep up pace with everything happening in Ethereum. Using Tenderly’s best-in-class developer tools like transaction debugger and custom alerting, Yearn has been able to gain deeper insights into on-chain activity. Tenderly infrastructure has proven to be one of the most reliable and performant layers of our development stack. Being able to lean on it has saved hundreds of development hours, bolstered productivity, and significantly cut our time to market.”
Tenderly said that it is currently introducing entirely new components to the web3 tech stack, making its platform an essential ecosystem for all blockchain developers. Web3 Actions, which is currently in beta testing, will serve as a unique bridge for building products in the blockchain space, making the development process easier, cheaper and faster.
The company also plans to rollout API building blocks soon, which will allow anyone to plug in Tenderly components and enhance their product functionality. Furthermore, the company plans to invest efforts to help onboard newcomers to the space and make the transition from web2 to web3 much easier for everyone.
Yasmin Razavi, General Partner, Growth, at Spark Capital, commented:
“The Tenderly suite of products will significantly lower the barrier for development in web3 and is increasingly empowering developers throughout the entire building journey: from testing to deployment to monitoring. This is a vision we’re incredibly excited by at Spark.”
Tenderly Series B Funding
The latest round was led by Spark Capital, with additional participation from existing investors Accel and Point Nine Capital.
The series B round also received investment from Abstract Ventures, Coinbase Ventures, Uniswap Labs, Daedalus, Guillermo Rauch (CEO of Vercel), Jinglan Wang (Co-Founder and CEO of Optimism), Eric Ries (Founder of Long-Term Stock Exchange) and Tihomir Bajic (CEO of LTSE Software).
Tenderly said that it will use the new capital to continue building out its product offerings for developers, attract new customers and partners, and fuel technical and sales hiring efforts in its existing Belgrade, Serbia office and soon-to-be-opened San Francisco office.
With the latest funding, Tenderly has raised a total of $58.6 million in funding over 3 rounds.
Read Also: Electric Capital Raises $1 Billion to Advance Web3 Economy
