Ethereum developer platform Tenderly closed a $15.3m Series A funding round led by Accel with additional participation from existing investors including Version One.
The Belgrade startup already raised a $3.3m seed round earlier this year led by Point Nine Capital.
Founded in Serbia in 2018 by Andrej Bencic, Bogdan Habic, Miljan Tekic and Nebojsa Urosevic, the startup’s aim to date has been ensuring fledgling blockchain developers aren’t left finding out about contract errors when users discover issues and complain, instead allowing users to discover these bugs proactively. While the company’s Visual Debugger is already used by “tens of thousands” of Ethereum developers, Tenderly plans to continue building out its toolset to help more developers build on Ethereum networks without dealing with the headaches and irregularities that they’ve had to.
To date, the majority of Tenderly’s customers have been relatively small startup efforts aiming to tap into the world of blockchain-based computing with a particular focus on decentralized finance.
Climbing cryptocurrency prices have historically aligned pretty closely with developer uptake in the blockchain world so there is some concern that bitcoin and Ethereum’s downward-trending price corrections will lead to less stability in the pipeline of new developers embracing blockchain. That said, volatility is far from unusual to the crypto world and many developers have learned that riding its ebbs and flows is just part of the experience.
Version One founder Boris Wertz said, “We believe that decentralized applications (dApps) are the future of the Internet, but it’s still too hard to develop blockchain applications. Creating blockchain and Ethereum products requires developers to invest 10x more time and effort to learn new skills and become productive. That’s a serious barrier to the mainstream adoption of dApps.
“Tenderly’s founding team experienced this frustration firsthand and set out to create a platform that supports Ethereum developers every step of the way. By making Web 3.0 development as easy as Web 2.0, Tenderly is paving the way for faster blockchain adoption.”
Copyright © 2021 FinTech Global
