Reach Raises $12 Million to Simplify Blockchain Development and Unlock the Next Generation of Decentralized Applications
New platform with initial focus on Ethereum and Algorand provides a hyper-simplified manner to build blockchain-based applications, drastically lowering the barrier to entry for developers
BOSTON, May 26, 2021 /PRNewswire/ -- Reach, a development platform enabling any developer to build decentralized applications, today announced they've raised $12 million in funding at a $48 million valuation. Just as Apple's iOS sparked the proliferation of mobile apps, Reach hopes to usher in a new era of blockchain-based applications.
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-style events hosted in partnership with the Algorand Foundation and Boston Blockchain Week.
"Reach's focus on accessibility and safety, when combined with the powerful Algorand Virtual Machine (AVM), 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."
Accelerated hiring across development and product teams will be a primary focus for Reach with the additional influx of funding, in order to build additional features into the platform. This includes a commercial version of Reach that will safely enable enterprises to create contracts that manage significant volumes and value of assets. Upcoming expansion initiatives focus on developer acquisition, instructional materials, and continued acceleration of dApp development. The team plans to enhance the platform's knowledge base and expand its presence in academia by developing university-level curricula and online self-paced courses.
Reach was founded in October, 2019, out of the Boston-based home offices of Chris Swenor and Jay McCarthy. McCarthy received his PhD in Computer Science from Brown University and teaches as an associate professor at UMass Lowell. Chris Swenor is a seasoned entrepreneur with many successful exits to his name. He currently serves as a mentor at Harvard Business School, TechStars, and MassChallenge.
About Reach
Reach is building the next generation blockchain development platform that will completely transform the paradigm of decentralized application (DApp) development. DApps have enormous potential, but are impractical today because of barriers that have kept blockchain development risky and limited to specialists, like cryptographers. The Reach platform is a comprehensive environment that enables every developer to build useful and safe DApps without years of experience and easily deploy them on a variety of different blockchain networks. For more information, visit https://reach.sh/.
About Algorand Inc.
Algorand is building the technology to power the Future of Finance (FutureFi), the convergence of traditional and decentralized models into a unified system that is inclusive, frictionless, and secure. Founded by Turing Award-winning cryptographer Silvio Micali, Algorand developed a blockchain infrastructure that offers the interoperability and capacity to handle the volume of transactions needed for defi, financial institutions and governments to smoothly transition into FutureFi. The technology of choice for more than 500 global organizations, Algorand is enabling the simple creation of next generation financial products, protocols and exchange of value. For more information, visit www.algorand.com.
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