Tatum, the company drastically simplifying blockchain applications development, today announced it has received $41.5 million in funding to accelerate marketing, educational efforts and community building for slashing the complexity and time-to-market of creating blockchain-based applications critical to digital finance and Web 3.0. The investment augments the company’s previous financing, and includes Evolution Equity Partners as lead, as well as Octopus Ventures, 3VC, Tensor Ventures, Depo Ventures, Leadblock Fund, Circle Holdings, and founders of Bitpanda.
“Blockchain has proven essential to the explosive growth and broad innovation of digital finance and Web 3.0,” said Jiri Kobelka, co-founder and chief executive officer, Tatum. “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, founded in 2018, is a global company, based in the UK and the US, and the product is already mature. The company has over 90,000 customers, with many blockchain applications live and in production environments today.
After initial investments totaling around $8 million, the company quickly developed the complete platform and began to attract customers, ranging from Fortune 500 companies to new technology start-ups. Tatum also joined Berkeley SkyDeck in 2021 as one of 16 companies worldwide accepted from thousands of applicants and received some funding as a result. The company already has considerable momentum, currently welcoming over 7,000 new customers per month. The new funding is intended to accelerate its growth and global reach by investing in marketing, educational efforts and community building.
The global blockchain technology market was valued at 592 billion US dollars in 2021 and is forecast to have a compound annual growth rate (CAGR) of nearly 86% from 2022 to 2030, finally reaching 1.43 trillion US dollars, according to a report from Grand View Research. Blockchain has been a featured topic at Davos, and a 2015 World Economic Forum survey estimated that 10% of global GDP will be stored in blockchain by 2027.
The Tatum platform simplifies the creation of complex blockchain operations into single lines of application code, streamlining the entire Web 3.0 development process. From common blockchain operations to ones with powerful pre-built features such as smart contracts, fee and payment solutions, real-time alerts, virtual accounts, out-of-the-box crypto-exchange functions and an unbreakable key management system, Tatum’s comprehensive and easy-to-use features can reduce development time by as much as 95%.
“By speeding the development process, Tatum is enabling companies to bring finished blockchain applications into production with an immensely faster time to market,” said Samuel Sramko, co-founder and chief technology officer, Tatum. “The role of blockchain to Web 3.0 and its future cannot be understated, and 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.”
“Tatum stood out to Evolution based on its founders and their unique and highly disruptive technology platform,” said J.R. Smith, partner, Evolution Equity Partners. “The company 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.”