- Tatum has raised $41.5 million from several web3 venture capital funds.
- The blockchain development platform wants to reduce the time taken to build web3 apps from months to days.
- The platform simplifies the creation of complex blockchain operations into single lines of application code.
Tatum has announced a $41.5 million funding round backed by Evolution Equity Partners as lead, as well as Octopus Ventures, 3VC, Tensor Ventures, Depo Ventures, Leadblock Fund, Circle Holdings, and founders of Bitpanda.
The blockchain developer platform wants to reduce the time taken to reduce the time to market from months to just days by simplifying the creation of complex blockchain operations into single lines of application code.
The company is looking to speed up the process of building highly scalable applications for decentralised finance (DeFi) and web3.
Web3 is generally described as a next-gen internet that leverages emerging technologies like the blockchain, artificial intelligence, decentralised apps, and AR/VR to facilitate the creation of community-owned enterprises.
Tatum incorporates 42 different protocols and leverages the use of APIs to integrate with existing development processes. According to the announcement, the platform boasts over 90,000 customers and is currently adding 7,000 new ones per month.
The company was co-founded by CEO Jiri Kobelka and CTO Samuel Sramko in the Czech Republic in 2018. It has since become the preferred development platform for some of the leading blockchain companies including Algorand, Protocol Labs, Postman, HaggleX and AlfaBeat, among others.
Tatum supports the creation of different web3 projects including non-fungible tokens (NFTs), which are essentially digital representations of JPEGs, collectibles, artwork, video clips or music tracks, stored on the blockchain. It also accelerates the time to market for crypto exchanges, tokens and wallets, among others.
Tatum has also launched a blockchain accelerator fund that backs qualifying projects with investments of up to €1 million.
Commenting on his company’s latest fundraising, Jiri Kobelka, co-founder and CEO of Tatum said: “Blockchain has proven essential to the explosive growth and broad innovation of digital finance and Web 3.0. Tatum is the first company to squarely address the complexities, necessary technological expertise and lengthy development times that blockchain applications require. We have revolutionized blockchain application creation by slashing development times from months or years of engineering time down to just days.”
Tatum plans to use the funding to accelerate marketing, educational efforts and community building, thus slashing the development time by as much as 95%.
J.R. Smith, partner, Evolution Equity Partners commented: “[Tatum] enables developers and large enterprises to leverage the blockchain to grow their business easier and exponentially faster. Tatum is driven by a world-class team, has a highly effective developer-driven acquisition model and has a proven ability to attract new logos and to expand existing customer revenue. We are very excited to join this team.”
Correction: Circle Spokesperson told NFTgators in a comment: “Circle and Circle Ventures are not investors of Tatum’s recent raise.”
Update: Tatum Spokesperson confirmed the organisation involved in the fundraising is Circle Holdings (full legal name The Circle I Holdings Ltd), in a separate email.
Stay up to date: