Blockchain Startup DappRadar Raises ZAR 34 Mn Seed Funding Led By Naspers

By  |  September 6, 2019

Technology investor Naspers through its Naspers Ventures division has led a ZAR 34 Mn seed funding round in DappRadar, a platform for discovering and analyzing dapps, digital applications or programs that exist and run on a blockchain. Ventures and Angel Invest Berlin also took part in the funding round.

DappRadar will channel the investment primarily for R&D, developing new functionality to aid the business in an expansion of its service to enable it to reach the next stage in its growth.

The blockchain startup tracks over 2,500 dapps across seven blockchains, including Ethereum, EOS and TRON.

Dapps are normally tracked in terms of their active users, token volume and transaction activity to provide insight into the trends in the dapp ecosystem. DappRadar acts as a distribution channel for dapp developers looking to reach new consumers.

Skirmantas Januskas, DappRadar CEO and co-founder said, “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’s industry knowledge, we are in an excellent position to harness this momentum to expand our business further.”

Principal and early-stage investment lead at Naspers Ventures Banafsheh Fathieh said, “Naspers Ventures’ strategy is to invest in companies and sectors with high, long-term growth potential,” adding that Blockchain is beginning to disrupt and revolutionise a number of key industries.

Fathieth expressed excitement in the partnership further noting that DappRadar has succeeded in creating a strong commercial brand and product in the space. Ventures makes long-term investments in businesses using blockchain technology.

Samuel Harrison, Managing Partner at Ventures said, “DappRadar is playing a vital role in bringing trust, transparency and discovery to the fragmented world of dapps,” adding that the company hopes on taking part to see that the startup’s impact is felt more in the ecosystem.

Featured Image Courtesy: Naspers

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