Blockchain infra startup Tenderly raises $40M after seeing 500% YoY revenue growth

Blockchain startup Tenderly

Blockchain startup Tenderly

Tenderly, a startup that aims to make it easier for web3 developers “of all skill sets” to build blockchain products, has raised $40 million in a Series B round of funding — just months after closing on its Series A.

The financing is yet another example of the rapid succession of funding rounds in the blockchain infrastructure space — and fintech space in general. Earlier this month, TechCrunch also reported on Alchemy raising a $200 million extension to its Series C at a valuation of $10.2 billion. That company aims to be the starting place for developers considering building a product on top of a blockchain or mainstream blockchain applications. 

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While both are similar developer tools for building decentralized applications, the main difference between the two companies is that Alchemy provides node as a service while Tenderly is a platform designed to develop, test and monitor the health of decentralized applications with its dashboard and API, the company maintains. It is says that it is more focused on smart contracts.

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

The quartet says they recognized early the incredible potential of blockchain becoming the next core standard of the internet, but also realized that in order for that to happen, the technology needed to be accessible to everyone. 

The group started out building the tools for themselves — initially for debugging — but now Tenderly has evolved into a developer platform that processes more than 25 million transactions through its virtual machine (VM) daily. It now covers a whole range of blockchains such as Ethereum, Avalanche, Fantom, Optimism and Arbitrum.


Blockchain startup Tenderly

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