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Tenderly raises €12.9M Series A to support Ethereum blockchain development

Tenderly wants to support Ethereum blockchain development; The Tenderly team, company website
Image credit: Tenderly wants to support Ethereum blockchain development; The Tenderly team, company website
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Serbia-based Tenderly has just raised €12.8M Series A in a round led by Accel, in order to speed up Ethereum blockchain development, expand its core offering with new tools and services, and grow the team. This was a fast move from the startup after its successful €2.8M seed round raised earlier this year from Point Nine Capital, Version One Ventures and helloworld.

The funding round saw the participation of some existing investors, as well as new angel investors, including Nicolas Dessaigne, co-founder of Algolia, Mirko Novakovic, co-founder of Instana, and Guillermo Rauch, CEO of Vercel.

Paving the way to faster Web 3.0 development 

Tenderly is a software company providing an end-to-end developer platform to individuals and businesses aiming to build blockchain products. 

The startup wants to set the standard for quality and versatility in the Web 3.0 developer tooling space. You have likely heard about Web3 already – the decentralized Internet, built on blockchain technology that enables greater transparency, data ownership, control, and privacy by, among others, eliminating intermediaries.

In the emerging blockchain technology space, fast-paced growth opportunities are also accompanied by challenges posed by high complexity and unexplored waters. Shifting from building Web 2.0 to Web 3.0 applications requires new knowledge and tools. For decentralized protocols specific to Web 3.0 to take over the internet, Ethereum blockchain development processes need to become more accessible. 

This is exactly what founder and CEO Andrej Bencic and his team set out to achieve when launching the platform – to offer a solution that simplifies and streamlines the cumbersome processes behind Ethereum development. Tenderly’s Ethereum Developer Platform wants to make life easier for developers, decreasing the barriers of entry to Ethereum blockchain development. 

Its features include monitoring, alerting, debugging and simulation of smart contracts aimed to help developers save time and costs. For instance, 5 million alerts are sent from the Tenderly Visual Debugger every month to help developers debug Ehtereum transactions. Moreover, the Simulations feature processes more than 3 million transactions every day, helping developers test before execution.

Looking ahead, the Tenderly team plans to continue developing modules, tools and services to cover a larger portion of the development lifecycle, as well as to expand to new verticals and use cases. The ultimate goal is to establish Tenderly as the go-to destination for Ethereum developers looking to monitor, test, and debug smart contracts, simulate transactions, and build improved Dapps.

If you want to get up to speed with the latest news in the SEE blockchain space, read about Ispolink, the HR  startup recruiting firms through blockchain, or Humans, the startup offering a biometrics solution in a blockchain-built platform to create digital DNAs.

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Antoanela is an Innovation Reporter at The Recursive with a knack for sustainability and environment protection. She is on a mission to communicate and celebrate innovative ideas and solutions that improve our ability to thrive together on this planet.