Lithuania-based DappRadar, a platform for analyzing decentralized applications, has raised $2.33 million in its seed funding round led by Naspers’ Ventures division along with the participation of Ventures and Angel Invest Berlin. Following the round, Banafsheh Fathieh, the Principal and Early Stage Investment Lead at Naspers Ventures will join the board at DappRadar. According to the company, the funds will be utilized for R&D and is expected to assist it in expanding its services and its market scope.

“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,” said Skirmantas Januskas, DappRadar CEO and co-founder.

Established in 2018 in Kaunas, Lithuania, DappRadar tracks around 2500 decentralized apps or dapps across seven blockchains, including Ethereum, EOS and TRON. It aims to provide actionable market intelligence by filtering data to remove fake and irrelevant activity. The platform acts as a distribution channel for dapp developers.

“Naspers Ventures’ strategy is to invest in companies and sectors with high, long-term growth potential. Blockchain is beginning to disrupt and revolutionize 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,” said Banafsheh Fathieh.

by Megha Bhattacharya
Market Analyst at IBS Intelligence