Lithuanian data tracking company DappRadar has announced the raise of $5 million in Series A funding. As the announcement says, the startup will make use of the funding to magnify its brand recognition.
Lead investors in this Series A round were Blockchain.com Ventures, Proses Ventures, and NordicNinja VC. According to the release, the startup will use its funding to launch new products like its Portfolio Tracker along with maximizing its recognition in the space.
Popularly known to provide information and insights about the existing Dapps, i.e; Decentralized Applications, DappRadar acts as a Non-Fungible Token Platform and an international application store for decentralized finance (DeFi) platforms. This data app tracker can track the data of over 5,000 Dapps from more than 20 blockchains such as Ethereum and Flow. Where flow is the blockchain behind the leading NFT marketplace NBA TopShot.
Statistics read that DappRadar has raised $2.3 million in its 2019 seed round to increase the efficacy of its research and development.
According to the firm,
“The funds will be used primarily for research and development, to offer new functionality to help the business expand its service and reach the next stage in its growth."
The only seed funding DappRadar received during 2019, is the funding from Naspers Ventures, Blockchain.com Ventures, and Angel Invest Berlin.
According to John Dantoni,
“Funding for crypto data/analytics/information was lower this past quarter, this sector saw some notable deals recently.”
Apart from DappRadar's $5 million raise, global crypto data aggregator Coin Metrics has received $15 million in funding from Goldman Sachs on 5th May 2021.
Crypto exchange giant Coinbase also made moves to acquire data analytics firm Skew in late April while the blockchain analysis firm Chainalysis earned $100 million back in the previous month.