Belgrade, Serbia-based Tenderly, an Ethereum developer platform, announced that it has raised $15.3M (approx €12.85M) in its Series A round of funding. The company aims to “supercharge” the Ethereum developer experience, making way for faster blockchain adoption.
The current fundraise follows Tenderly’s $3.3M (approx €2.77M) Seed round funding led by Point Nine Capital earlier this year.
Use of the funds
Tenderly provides an end-to-end developer platform for teams and companies looking to build innovative blockchain products.
Hence, the raised capital will be utilised to accelerate blockchain product development, ensure a ‘best-in-class’ experience for users, and boost the development standards in the Ethereum ecosystem. In addition, the company also plans to use the investment to grow the team and start hiring top talents globally.
The Series A round was led by Palo Alto-based early and growth-stage VC firm, Accel. The round also saw participation from existing investors Point Nine Capital and Version One Ventures.
In addition, some of the angel investors have also invested in this round, some of which include Nicolas Dessaigne (Co-founder of Algolia), Mirko Novakovic (CEO of Instana), Rodrigo Martinez (Investor at helloworld), and Guillermo Rauch (CEO of Vercel).
Monitoring platform for Ethereum smart contracts
Tenderly was founded in 2018 by Andrej Bencic, Bogdan Habic, Miljan Tekic, and Nebojsa Urosevic as a result of their own frustrations with the state of the Web 3.0 developer tools.
According to the founders, blockchain and specifically Ethereum development is needlessly difficult and requires developers to invest ten times more time and effort in order to learn new skills and become productive. Hence, Tenderly’s founding team set out to create a platform that would enable the next wave of decentralised applications to be built.
The Tenderly platform helps developers by providing full observability of their smart contracts, monitoring platform, testing environment, and ready-made components to reduce development time and cost. The company’s goal is to lower the barrier for organisations and teams to build blockchain products in the shortest amount of time possible.
Andrej Bencic, co-founder of Tenderly, says, “We want to be the driver of faster technology adoption and help set the standards for professional Ethereum development practices. The goal is to drive innovation by reducing developer friction and shortening the time companies need to get dApps (Decentralized applications) to market.”
Tenderly’s suite of products looks to set a standard for professional blockchain development experience and to provide the key building blocks required to market.
Tenderly’s Visual Debugger is used by thousands of smart contract developers; more than 5 million alerts are sent from the platform monthly; and the simulation module currently processes more than 3 million transactions every day. Tenderly says this is more than the daily throughput of the entire Ethereum network.
Companies in the space such as Nexus Mutual, Aave, Uniswap and Chainlink, use Tenderly as an essential part of their developer toolbox, for monitoring Ethereum smart contracts, real-time alerting, analytics, troubleshooting or for more complex custom integrations.
In the near future
Looking forward, Tenderly will continue to create modules and services to support an even bigger part of the development lifecycle. For users, this will result in lower costs, better productivity and active collaboration.