Ethereum development platform Tenderly raises $15.3 million in Accel led round

Serbian Ethereum blockchain development platform Tenderly has raised $15.3 million in a new funding round led by Accel. The ultimate aim of the service is to lower the barrier of entry to Ethereum-based development. Tenderly’s new funding is expected to propel further product development as well as increase the team size.

After Bitcoin, Ethereum is the second-largest blockchain network, and due to certain differences between the two, the latter has emerged as the frontrunner for financial infrastructures (think DeFi and NFTs). Needless to say, there are some massive potentials await within Ethereum based development, but ….

Tenderly founders Andrej Bencic, Bogdan Habic, Miljan Tekic, and Nebojsa Urosevic, grew increasingly frustrated with the amount of time and complexity involved in Ethereum development. They estimated that developers needed to invest ten times more time and effort in order to learn new skills and become productive. So why not see if they could streamline and simplify the process?

The Tenderly platform gives Ethereum developers just about everything they’d need and want: a full overview of smart contracts, a monitoring platform, a testing environment, and pre-made components that can easily be plugged into development projects, all time and money savers.

“We believe that decentralized computer networks, pioneered by Ethereum, will become one of the fundamental pillars of the internet. We want to be the driver of faster technology adoption and help set the standards for professional Ethereum development practices. The goal is to drive innovation by reducing developer friction and shortening the time companies need to get dApps to market,” says co-founder and CEO Andrej Bencic.

To give you an idea of the scale of Tenderly’s uptake by developers, the company reports that its simulation mode processes more than three million transactions every day; a number larger than the entire Ethereum network itself.

The Series A round was led by Accel, with existing investors Point Nine Capital and Version One Ventures participating. Angel investors including Nicolas Dessaigne (Co-founder of Algolia), Mirko Novakovic (CEO of Instana), Rodrigo Martinez (Investor at helloworld), and Guillermo Rauch (CEO of Vercel) also showed their support.

Accel Partner Andrei Brasoveanu adds, “The Tenderly team is completely rethinking smart contract development with their suite of tools purpose-built for decentralized applications, which puts a delightful developer experience at its center. The strong adoption by the blockchain community shows how Tenderly is uniquely positioned to meet the growing needs of today’s Web 3.0 developers.”

Just a short time ago, Robin sat down with Andrei Brasoveanu to discuss Accel and the firm’s fintech anti-portfolio.