Tenderly Raises $15.3M to Accelerate Ethereum dApp Development

Blockchain Infrastructure Gains Momentum with Tenderly's Series A Funding

Interest in blockchain infrastructure startups is rapidly increasing. This growth is fueled by a surge in both developers and users entering a relatively nascent space, despite significant institutional investment in the crypto market during 2021.

Tenderly Secures $15.3 Million in Series A Funding

Tenderly, a crypto startup focused on providing a developer platform for Ethereum, has recently attracted substantial venture capital. The company, which assists developers in monitoring and testing smart contracts powering decentralized applications, has closed a $15.3 million Series A funding round.

Accel led the funding round, with participation from existing investors. Previously, Tenderly secured a $3.3 million seed round earlier this year, spearheaded by Point Nine Capital. This demonstrates strong investor confidence in the platform’s potential.

Proactive Bug Detection for Blockchain Developers

Tenderly’s core mission is to empower blockchain developers to identify and resolve contract errors proactively. This prevents users from encountering issues and lodging complaints after deployment.

The company’s Visual Debugger is already utilized by a substantial number of Ethereum developers – “tens of thousands” according to the company. Tenderly intends to expand its toolset further, streamlining the development process on Ethereum networks and mitigating common challenges.

Addressing a Core Developer Need

“Tenderly originated as a solution to a problem we ourselves faced,” explains Andrej Bencic, Tenderly CEO, in an interview with TechCrunch. “Our goal was to simplify the observation and extraction of data from Ethereum and related networks.”

Bencic emphasizes the company’s commitment to enabling developers to launch products more efficiently without sacrificing user experience.

Focus on Decentralized Finance and Global Expansion

Currently, Tenderly’s customer base primarily consists of smaller startup ventures exploring the possibilities of blockchain-based computing, with a particular emphasis on decentralized finance (DeFi).

The company itself remains lean, with a team of 14 engineers and business professionals based in Serbia. This new funding will facilitate global expansion and the recruitment of talent in other regions.

Navigating Cryptocurrency Volatility

Historically, developer activity within the blockchain space has correlated with cryptocurrency prices. Concerns exist that recent price corrections in Bitcoin and Ethereum may impact the influx of new developers.

However, Bencic notes that volatility is inherent to the crypto market. Many developers have become accustomed to navigating these fluctuations.

Long-Term Vision and Technology Enthusiasm

“We developed much of Tenderly during a bear market,” Bencic states. “We observed that even during periods of price decline, those genuinely enthusiastic about the technology remain committed, regardless of coin performance.”

This suggests a strong underlying belief in the long-term potential of blockchain technology and its associated infrastructure.