Blockchain developer platform Tatum raises $42 million in funding
Quick Take
- Blockchain developer startup Tatum has raised a $41.5 million round led by Evolution Equity Partners.
- Venture capitalists are increasingly looking to invest in crypto infrastructure firms as DeFi and trading startups fall out of fashion amid the bear market.
Correction: This story has been corrected to remove references to Circle being involved in this funding round. Circle has said it did not participate in the round. Tatum has since told The Block it meant to refer to Circle Holdings, an entirely separate company from Circle.
Blockchain developer platform Tatum has raised a $41.5 million round as infrastructure startups continue to convince investors to part with their cash.
The funding round was led by venture firm Evolution Equity Partners according to a release on Wednesday. A request to disclose its valuation was not met by the time of publication.
Founded in 2018, the platform offers products such as NFT plug-ins for Wordpress, software development kits for over 40 protocols and an API that enables speedy NFT minting across eight blockchains.
"By speeding the development process, Tatum is enabling companies to bring finished blockchain applications into production with an immensely faster time to market," said founder and chief technology officer Samuel Sramko in the statement. "Tatum is fundamentally changing not only the velocity of development but also the robustness, so that more complex functionality can be more readily accomplished even without the highly technical expertise."
The company claims to have over 90,000 customers including startups and Fortune 500 companies and is onboarding over 7,000 new customers monthly. It says that the funding will be used to invest in marketing and educational efforts. Other crypto infrastructure companies have also sought to build out educational features — for instance, Alchemy bought the Ethereum developer education platform Chainshot in August.
Venture capital firms continue to pour money into startups in the crypto infrastructure space. Earlier today, web3 developer platform SettleMint announced a €16 million ($15.5 million) Series A round. In August, Haun Ventures led a $24 million round into web3 developer platform Thirdweb and last month Variant led an $18.6 million fundraise for cross-chain developer platform Hyperlane. Moreover, much of Y-Combinator's latest cohort compromised of web3 infrastructure startups.
According to The Block Research, infrastructure firms raised $1.8 billion last quarter — second only to NFTs and Gaming.
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