Tenderly, a blockchain startup has raised $15.3 million in a Series A funding round led by Accel to accelerate the development of the blockchain ecosystem.
Led by Accel, the Series A round also counted with the participation of Helloworld, Version One Ventures, and Point Nine. Angel investors like Nicolas Dessaigne (Co-founder of Algolia), Mirko Novakovic (Co-founder of Instana), and Guillermo Rauch (CEO of Vercel) also participated, bringing the total funding raised by the startup to $18.6 Million.
The funds will be used to accelerate the development of Tenderly’s core tools and services, as well as hiring new talent and improve the existing ecosystem. This was the same use of the $3.3 million raised in the startup’s seed round earlier this year.
Tenderly is working on creating an Ethereum developer platform that facilitated developer effort by offering tools and services that support all stages of the product development life-cycle.
The platform is already being used by companies like Nexus Mutual, yearn, Aave, Uniswap, Chainlink, Sushi Swap, Maker, InstaDApp, and DeFi Saver, some of the most popular projects in the blockchain industry.
Andrej Bencic, Tenderly’s CEO, referred to the startup’s mission by stating:
“Tenderly, from its inception, has been a solution to one of our own problems. We wanted to make it as easy as possible to observe and extract information from Ethereum and the adjacent networks.”
With blockchain technology becoming increasingly relevant in the tech industry, networks like Ethereum continue to be adopted by companies around the world.
Providing developers with tools that facilitate the creation of platforms based on distributed ledgers, Non-fungible tokens (NFT), and DeFi solutions, is a need for the development of the industry.
Bencic referred to the Ethereum ecosystem by stating:
“I think it’s a given that we believe in decentralized software and that we bet on the Ethereum Ecosystem. Being a part of this global movement and seeing the innovation firsthand inspires us to push Tenderly forward and empower all developers building decentralized platforms, protocols, and DApps.”
While the Ethereum network has seen increasing congestion over the past year, developers continue to use it as their to-go network for a myriad of projects. The upcoming launch of Ethereum’s 2.0 upgrade represents an opportunity for the blockchain startup to capitalize on the new developers the network will attract.