“DappRadar” Attracts Impressive Investment: “We Want to Lead Industry Forward”
Although “DappRadar”, a fin-tech startup from Kaunas, has been operating just for over a year and a half, it has already grown a lot. The company has attracted the attention of major global investors and received more than 2 million USD: impressive and the largest investment of such kind in the Baltic States.
We are talking to Ian Kanne, the Head of Communications at “DappRadar”, about the bright start and ambitious future of the company.
Tell us about “Dappradar”: how it was created, what was the motivation to grow and how do you value yourself today?
“DappRadar” was officially founded in February 2018 by long-time friends Skirmantas Janušas and Dragos Dunika. Currently, the company tracks and analyzes over 2,500 dapps across eight blockchains, including Ethereum, EOS, and TRON, with plans to expand to others.
A dapp is like an app with benefits. Because of the technology behind a dapp, they enable a greater level of data security and control for users. So for example, through dapps, people can access banking services like loans and bank accounts, without having to visit a bank. Likewise, people can monetize gaming, developing assets within the game that can then be transported across to other platforms.
“DappRadar” filters through dapp data, removes fake and irrelevant activity and provides actionable market intelligence. Dapps are tracked in terms of their active users, token volume and transaction activity to provide insight into the trends in the dapp ecosystem.
We are very strong believers in the power this technology has to add real value to user experiences and solve a number of existing problems in the world. The benefits of dapps are huge and they will bring about a change in the way people interact with products and services and we want to not only be a part of that industry but to lead it forward.
“DappRadar” has almost doubled in size over the last 6 months, in line with our ambitious expansion plans and successful seed investment. We are currently a team of 20 people, spread across the UK, Lithuania, and China. Our Communications Director is the UK games industry veteran and founder of BlockchainGamer.biz – Jon Jordan. Among other members of staff, spread across sales, partnerships, communications, and administration, are our co-founders Skirmantas & Dragos.
Why “Dappradar” was started in Kaunas and stayed here?
Kaunas is a fabulous city with a lot to offer to both businesses and individuals. We were warmly welcomed in Kaunas and found the city to be very open and interested in innovations. The city offers access to talents via partnerships with the universities and helps to settle in with ease. So it’s not surprising that when we had to make a decision on where to settle in Lithuania, it wasn’t very difficult.
This year was special: you have attracted a record investment from the global internet and media company “Naspers”. What does this mean for “DappRadar”?
“Naspers” has been attracted by our position as a market leader and also the growth of the dapp industry, especially the huge success of “Tencent” in mobile gaming. Blockchains are already changing and turning upside down a number of industries, so “DappRadar” has built a strong commercial brand and product just on time.
The company receives 2,33 million USD investment which is led by “Naspers” through its „Naspers Ventures“ division, with participation from „Blockchain.com Ventures“ and German fund „Angel Invest Berlin“. “Naspers” is now the biggest technology investor in Europe as a result of their listing on the Amsterdam stock exchange.
The investment from “Naspers” gives us legitimacy in this industry and shows that serious investors pay attention to our products and see the future prospects for dapps.
How are you planning to use this investment and what changes it will bring to the company – or maybe to the whole industry branch – in the nearest future?
In the short term, the investment has allowed us to grow the team, and add valuable new skill sets to assist our ambitious growth plans over the coming years. “DappRadar” will use the investment primarily for R&D, developing new functionality to help the business expand its service and reach the next stage in its growth. We see lots of evidence that demonstrates the long-term potential of the dapp industry. Thus, we are building a business that maximizes that into the future. Indeed, this investment comes at an exciting time where we will be able to supercharge our product development. I cannot say too much now but we are planning to launch our new products soon.