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BuildBear Labs Secures $1.9M Funding to Advance Web3 Development Tools with the Release of its New Phoenix Engine


BuildBear Labs Secures $1.9M Funding to Advance Web3 Development Tools with the Release of its New Phoenix Engine

Singapore, February 27, 2024BuildBear Labs has announced a successful fundraising journey, securing approximately USD 1.9M to propel the growth of their flagship platform.


The round was co-led by Superscrypt, Tribe Capital, 1kx, with participation from Iterative, Plug and Play and several notable angel investors including Kris Kaczor (creator of Typechain and DethCrypto), Ken Fromm (ex-Ethereum Enterprise Alliance), and many more.  The support from our investors will fuel the accelerated development of our flagship platform.

 

Empowering Developers, Ensuring Secure dApps

BuildBear is building the world's first Web3 focused Automated and Continuous Testing Engine (ACTE), inspired by tools like BrowserStack that goes beyond standard testing to address the unique complexities of the Web3 landscape.


But BuildBear hasn't reached this point overnight. They've been actively validating their product-market fit for over a year through their first offering: BuildBear Sandbox. This pioneering solution empowers developers to craft tailored private testnets, complete with explorers, faucets, and RPCs, facilitating rigorous dApp testing within a secure environment. This approach enables developers to easily identify and address vulnerabilities before launch, instilling confidence prior to deployment.


With a growing web3 developer user base, creating more than 7,700 sandbox testing environments, BuildBear boasts an impressive active retention rate exceeding 35% and has witnessed a phenomenal growth rate of 8x in the last 1 year.

 

Phoenix Engine

In conjunction with this fundraising announcement, BuildBear is proud to unveil its latest milestone, upgrading to an ultra-powerful engine, with 100% throughput to continue to improve its user experience. With this release, BuildBear will offer the most powerful engine available on the web3 market. This significant upgrade underscores BuildBear's commitment to innovation and signifies just one of the many advancements made possible by the increased resources resulting from their recent fundraising success.

 

Industry Recognition and Collaborative Spirit

The value of BuildBear's offerings isn't just self-evident; it is recognized by industry leaders. Respected Ethereum Foundation developer Austin Griffith praised BuildBear Sandbox for its efficacy, citing its facilitation of a seamless deployment process.  "Our game has a bunch of smart contracts and deploying was difficult. BuildBear let me fork the Gnosis chain and deploy our entire stack on the first try!"


BuildBear extends its commitment beyond its own platform by actively collaborating with industry leaders like RemixIDE, Saffold-ETH, Cookbook, and SolidityScan among others, fostering a collaborative environment conducive to shared knowledge and innovation within the Web3 development sphere.


About BuildBear Labs

BuildBear is a specialized platform dedicated to dApp development and testing, offering developers the ability to craft customized Private Testnet sandboxes across multiple EVM and EVM-compatible blockchain networks With key features including private faucets for unlimited Native and ERC20 token minting, BuildBear empowers developers to build and test dApps with confidence and efficiency.


For Media Inquiries, please contact: d@buildbear.io


About the Founders

  1. Dipesh Sukhani: An OG in the world of Web3, Dipesh previously created one of the most successful dApps, DeFiZap (now Zapper.xyz), proving his deep understanding of the Web3 landscape. Subsequently, Dipesh single-handedly managed the Blockchain Infrastructure for a Securities Exchange built on Ethereum for the Singapore Stock Exchange, showcasing his ability to handle complex, mission-critical projects. Beyond his impressive technical skills, Dipesh actively contributes to the developer community, having mentored at Consensys Academy. Since 2022, he has been collaborating with Emmanuel (Co-founder, more details below) to turn their shared vision for BuildBear into reality.

  2. Emmanuel Antony: Known for pushing the boundaries of technology, Emmanuel previously played a key role in designing Async Rust for the Rust language. His open-source contributions are equally impressive, with his project Valerie boasting over 350 stars. As the developer of the Typesense Rust Client, Emmanuel brings a depth of experience in building scalable and efficient solutions. He is not only a talented coder but also a passionate collaborator, actively engaging with the developer community.

 

BuildBear Labs is one of our portfolio startups in Plug and Play APAC. As an in-house venture capital, our goal is to fund the teams that are building the defensible businesses of the future. By leveraging our capital, our network of VCs, and our corporate partners, we give our portfolio companies an added advantage. Join our platform today!


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