Categories: Ethereum

DappRadar Raises $2.33m Seed Round Led by Naspers Ventures

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DappRadar, the leading global platform for discovering and analysing blockchain-based decentralised applications (“dapps”), announces it has raised $2.33 million in seed funding. The investment is led by Naspers, a global internet group and one of the largest technology investors in the world, through its Naspers Ventures division, with participation from Blockchain.com Ventures and Angel Invest Berlin.

DappRadar will use the investment primarily for R&D, developing new functionality to help the business expand its service and reach the next stage in its growth.

Dapps are applications that run on peer-to-peer computer networks, rather than on centralised machines or servers. Their code is typically open source and the core function is handled by open source smart contracts deployed on a blockchain. Due to the nature of blockchain technology, a decentralised application’s data is transparent and cannot be tampered with, enabling the community to build on top of it without requiring permission.

DappRadar tracks over 2,500 dapps across six blockchains, including Ethereum, EOS and TRON, with plans to expand to others. DappRadar filters through dapp data, removes fake and irrelevant activity and provides actionable market intelligence. Dapps are tracked in terms of their active users, token volume and transaction activity to provide insight into the trends in the dapp ecosystem.

DappRadar has become the starting point for dapp discovery and acts as a distribution channel for dapp developers that are looking to reach new consumers.

Skirmantas Januskas, DappRadar CEO and co-founder, says:

“In the short time since we founded DappRadar, we’ve seen the technology mature quickly and its commercial prospects are clearer. With Naspers Ventures’ international consumer expertise and Blockchain.com’s industry knowledge, we are in an excellent position to harness this momentum to expand our business further.”

The investment is led by Naspers Ventures, offering further validation of the space as the company joins a portfolio that includes other leading global internet companies. Banafsheh Fathieh, Principal and Early Stage Investment Lead at Naspers Ventures, will join the DappRadar board.

Fathieh says:

“Naspers Ventures’ strategy is to invest in companies and sectors with high, long-term growth potential. Blockchain is beginning to disrupt and revolutionise a number of key industries and DappRadar has succeeded in creating a strong commercial brand and product in the space. We are excited for our partnership and the opportunity that lies ahead for the company.”

Blockchain.com Ventures makes long-term venture investments in businesses using blockchain technology to provide product differentiation or enhanced utility, rather than leveraging crypto as a tool for financial speculation.

Samuel Harrison, Managing Partner at Blockchain.com Ventures, says:

“DappRadar is playing a vital role in bringing trust, transparency and discovery to the fragmented world of dapps. We hope to play a role in accelerating their impact on the ecosystem.”

About DappRadar

For more information, visit: https://dappradar.com/

About Blockchain Ventures

Blockchain Ventures is a venture capital fund and a subsidiary of Blockchain, the leading provider of cryptocurrency products and creator of the world’s most popular crypto wallet. The fund supports and invests in cryptocurrency and blockchain technology projects that advance the industry and provide positive societal impact.

With support from its parent company, Blockchain Ventures is helping create an open, fair, and accessible financial system and promote use-cases that are revolutionary beyond finance.

About Naspers

Naspers is a global consumer internet group and one of the largest technology investors in the world. Operating and investing in countries and markets across the world with long-term growth potential, Naspers builds leading companies that empower people and enrich communities.

The group operates and partners a number of leading internet businesses across Asia, the Americas, the Middle East and Africa, and Central and Eastern Europe in sectors including online classifieds, payments and fintech, food delivery, travel, education, health, and social and internet platforms.

Every day, millions of people use the products and services of companies that Naspers has invested in, acquired or built, including Avito, Brainly, BYJU’S, Codecademy, eMAG, Honor, ibibo, iFood, letgo, Media24, Movile, OLX, PayU, SimilarWeb, Swiggy, Takealot, and Udemy.

Similarly, hundreds of millions of people have made the platforms of its associates a part of their daily lives: Tencent (www.tencent.com; SEHK 00700), Mail.ru (www.corp.mail.ru; LSE: MAIL), MakeMyTrip Limited (www.makemytrip.com; NASDAQ:MMYT) and DeliveryHero (www.deliveryhero.com; Xetra: DHER)

Today, Naspers companies and associates help improve the lives of around a fifth of the world’s population. Naspers actively searches for new opportunities to partner exceptional entrepreneurs who are using technology to address big societal needs.

Naspers has a primary listing on the Johannesburg Stock Exchange (NPN.SJ) and a secondary listing on the A2X Exchange (NPN.AJ) in South Africa, and has an ADR listing on the London Stock Exchange (LSE: NPSN).

For more information, please visit www.naspers.com

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