BuildBear Labs, a Web 3 company based in Singapore, has announced that its fundraising campaign was successful, raising about $1.9 million to support the expansion of its flagship platform.
BuildBear said in a statement on Tuesday that the round was co-led by Superscrypt, Tribe Capital, 1kx, and Iterative, with participation from Plug-N-Play and several prominent angel investors, such as Kris Kaczor (the creator of Typechain and DethCrypto), Ken Fromm (the former Ethereum Enterprise Alliance), and many more.
“The support from our investors will fuel the accelerated development of our flagship platform,” the firm said.
Inspired by tools such as BrowserStack, the company is reportedly developing the world’s first Automated and Continuous Testing Engine (ACTE) specifically focused on Web3. This engine will go beyond standard testing to address the particular complexities of the Web3 landscape.
With their initial product, BuildBear Sandbox, the company has been actively verifying its product-market fit for more than a year.
By enabling developers to create customized private testnets with explorers, faucets, and RPCs, this ground-breaking solution enables thorough dApp testing in a safe setting.
Additionally, this method gives developers confidence before launching by making it simple to find and fix vulnerabilities.
BuildBear has seen remarkable growth in the last year, growing its user base of web3 developers and creating over 7,700 sandbox testing environments. Its active retention rate is higher than 35 percent.
BuildBear announced its most recent milestone—upgrading to an incredibly powerful engine with 100% throughput—along with this fundraising announcement in an effort to keep enhancing user experience.
BuildBear will provide the most potent engine on the web3 market with this release.
The firm’s dedication to innovation is demonstrated by this important upgrade, which is just one of many developments made possible by the extra resources brought about by their recent fundraising success.
In addition to its own platform, the statement claims that BuildBear actively collaborates with industry leaders such as RemixIDE, Saffold-ETH, Cookbook, and SolidityScan, among others, to create a collaborative environment that encourages knowledge sharing and innovation in the Web3 development space.
