Blockchain firm Tenderly bags $40 million in Series B funding round

Blockchain firm Tenderly bags $40 million in Series B funding round

Tenderly, a software company based in Belgrade, Serbia, has raised $40 million in Series B funding – just a month after closing a Series A round.

The financing is one added example of the swift succession of funding rounds in blockchain infrastructure and fintech space generally.

Earlier this month, Alchemy raised a $200 million extension to its Series C at a valuation of $10.2 billion. That company plans to be the starting place for developers, considering developing a product on mainstream blockchain applications or the top of a blockchain.

However, both are similar developer tools for creating decentralized applications; the significant difference between both the companies is that Alchemy offers node as a service, and Tenderly is a platform built to test, develop and monitor the health of decentralized apps with its dashboards and API, the company manages. It is said that it focuses more on smart contracts.

Tens of thousands of developers from apps like Uniswap, Instadapp, Circle, Gnosis, Chainlink, Yearn Finance, Nexus Mutual, DeFi Saver and NFT marketplace (and decacorn) OpenSea use Tenderly for monitoring the health of intelligent contracts and apps. The company says that it works with most of the top 100 Ethereum projects.

Tenderly was started in 2018 by friends Andrej Bencic (CEO), Miljan Tekic (COO), Bogdan Habic (CTO), and Nebojsa Urosevic (Blockchain Architect) after working for years on the software development frontlines and after being frustrated with what they said were non-existent tools. 

Four of them say that they predicted the unprecedented potential of blockchain becoming the next leading standard of the internet. They also understood that technology needs to be accessible to everyone for that to happen.

Bencic said that four of them started Tenderly as engineers hyper-focusing on a particular technology: blockchain and Ethereum.

Source Credit - https://techcrunch.com/2022/03/02/blockchain-infra-startup-tenderly-raises-40m-after-seeing-500x-yoy-revenue-growth/