- Tea has announced an $8.9 million funding round led by Acuitas Group Holdings.
- The seed round also attracted participation from Betaworks Ventures, Percival VC, Round 13 Digital Assets Fund, StrongBlock, and Wax Blockchain.
- Terren Peizer, the Founder and Chairman of Acuitas Group Holdings will be joining the Binance-backed startup’s board immediately.
Tea has announced an $8.9 million funding round led by Acuitas Group Holdings. The open-source software management platform also said Terren Peizer, the Founder and Chairman of Acuitas Group Holdings will be joining its board with immediate effect.
The seed round also attracted participation from Betaworks Ventures, Percival VC, Round 13 Digital Assets Fund, StrongBlock, and Wax Blockchain.
Tea bills itself as a standalone software download for all platforms. According to its GitHub ReadMe, the platform connects software developers with a variety of layers from multiple stacks, enabling them to model scripts that use a variation of tools and languages.
Tea’s creator Max Howell is no stranger to software management platforms. Before Tea, he created the popular open-source package manager Homebrew. The platform lets developers and creators into macOS and Linux software that those operating systems don’t have.
Howell in partnership with co-founder Timothy Lewis wants to develop a blockchain-based protocol to help software developers and maintainers get paid. The platform is targeting projects in the web3 space that will see contractors compensated in non-fungible tokens (NFTs) for completing tasks.
NFTs are blockchain-based digital files representing proof of ownership of a digital collectible, artwork, or JPEG. Smart contracts are blockchain-based systems that execute a set of rules when pre-established conditions are met. Tea is combining both NFTs and smart contract technologies to power blockchain-based remuneration protocol for software developers.
“Open source has always been the foundation of the internet, with 97% of commercial code containing some open source code,” said co-founder Max Howell, the creator of Homebrew, which grew into the most contributed-to open-source software program in the world. “tea’s mission is to empower open-source communities and ensure their contributors are supported as they create the tools that build the internet.”
Tea launched in Q1 2022, emerging from stealth with an $8 million funding round led by Binance Labs, the venture arm of the world’s largest crypto exchange platform.
The company has since grown, with its open-source developer ecosystem recently reaching 16,000 developers.
“By adding a leading node services provider, one of the most widely used NFT blockchains in the world, and a leading technology incubator VC to our group of investors, tea has brought together additional blockchain and technology leaders with deep knowledge and strategic insight who will support our mission,” explained co-founder Timothy Lewis.
The company’s unified package manager currently supports Linux and OS X and WSLv2 for Windows. According to Tea, support for more operating systems is in the pipeline. The platform is also welcoming open-source developers interested in contributing code or verifying contributed code to register with its authentication tool.
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