Tenderly raises $40mn in Series B funding

March 3, 2022

By Sharan Kaur Phillora

Tenderly, a San Francisco, CA-based blockchain development platform that simplifies building innovative blockchain products for web3 developers of all skill sets, raised $40m in Series B funding, bringing the total raised to $58.6m.

Here’s what we know:

  • The round was led by Spark Capital, with participation from existing investors Accel and Point Nine Capital. Other investors include 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).
  • The company says that it will use the new capital to continue building out its product offerings for developers, attract new customers and partners, and accelerate technical and sales hiring efforts in its existing Belgrade, Serbia office, and soon-to-be-opened San Francisco office.
  • Founded in 2018 by Andrej Bencic (CEO), Bogdan Habic (CTO), Miljan Tekic (COO), and Nebojsa Urosevic (Blockchain Architect), Tenderly is used for real-time monitoring, alerting, debugging, and simulating smart contracts – a suite of product offerings ideal for developers of all skills, providing an unparalleled vision into the blockchain development process and web3 landscape. “We started Tenderly as four engineers hyper focusing on a particular technology, which was blockchain and ethereum,” said Bencic.
  • 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.
  • Tenderly 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 bridge for building products in the blockchain space.
  • The company also plans to roll out API building blocks soon, which will allow anyone to plug in Tenderly components and enhance their product functionality. Furthermore, Tenderly plans to invest efforts to help onboard newcomers to the space and make the transition from web2 to web3 much easier for everyone.

 


About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

 

 

 

 

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