Reach a development platform enabling any developer to build decentralized applications have raised $12 million in funding at a $48 million valuation. The platform empowers software developers to safely and easily build blockchain applications in a fraction of the time, regardless of skills and experience. The funding round will fuel the onboarding of developers to Reach which, to date, has grown at a rate of 10-20% each week. Increasing the accessibility of blockchain development is expected to bolster the market share of its growing pool of partner protocols, like Algorand and Ethereum, in the crypto space.
Reach is simultaneously increasing the sophistication of apps and lowering the barriers to entry for developers to leverage some of the leading blockchain platforms available by enabling them to build in a JavaScript-like language and deploy on high-performing blockchains. “This investment accelerates our path to becoming the primary method the world builds decentralized applications that will form the basis of global interaction,” said Reach Founder and CEO Chris Swenor. “We are thrilled by the momentum we have seen so far and the unprecedented support by investors and pioneering networks who share our vision for bringing blockchain mainstream.”
This funding fuels the platform’s developer onboarding which has grown at an accelerated rate. Reach’s developer community has already produced games, auctions, NFTs, and more through several hackathon events hosted in partnership with the Algorand and Boston Blockchain week.
“Reach’s focus on accessibility and safety, when combined with the powerful Algoand Virtual Machine provides the safest, easiest, fastest, and cheapest smart contract platform available,” said Steve Kokinos, CEO of Algorand. “We believe it is critical to empower all developers with simple languages that put safety and correctness at the forefront. This is aligned with our vision for the future of finance where smart contract infrastructure will support billions of dollars of value and exchange around the world.”
