Reach, a development tool platform for building and launching decentralized applications (DApps) using a JavaScript-like language on high-performance blockchain networks, announced today the company has raised $12 million in funding at a $48 million valuation.
Increasing the accessibility of blockchain development is expected to bolster the market share of Reach’s growing pool of partner protocols, like Algorand and Ethereum. This funding will be aimed at ramping up the platform’s developer onboarding; which has grown at an accelerated rate.
The Reach 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.
Funding Boost
To build additional features on the Reach platform, accelerated hiring across development and product teams will be a primary focus. This includes a commercial version of Reach; which will safely enable enterprises to create contracts that manage significant volumes and asset value.
Further, aside from developer acquisition; expansion initiatives will focus on instructional materials and acceleration of dApp development. The team also plans to enhance the platform’s knowledge base and expand its presence in academia by developing university-level curricula and online self-paced courses.
“This investment accelerates our path to becoming the primary method the world builds decentralized applications that will form the basis of global interaction.”
– Reach Founder and CEO Chris Swenor
Founded in October 2019, Reach was started out of the Boston-based home offices of Chris Swenor and Jay McCarthy. McCarthy received his Ph.D. in Computer Science from Brown University and teaches as an associate professor at UMass Lowell. Chris Swenor is an entrepreneur with many successful exits to his name. He currently serves as a mentor at Harvard Business School, TechStars, and MassChallenge.
