Singapore-based ‘Web3 development stack’ secures $6m

Chainstack CEO Jan-Jaap Jager / Photo credit: Chainstack

As more and more people entered the global startup scene over the years, the concept of a “tech stack” has gained popularity. Developers like using these stacks as a standard set of tools – whether programming languages, databases, or other front- and back-end systems – that fulfill all their needs, helping them build their apps or other platforms in a faster and cheaper way.

With the advent of blockchain, it is perhaps inevitable that something similar would exist for Web3 developers. That’s the premise behind Singapore-based Chainstack, which provides tools and services that allow developers to create, deploy, and scale blockchain applications – without needing to manage the underlying infrastructure.

The company has secured US$6 million from investors such as SBI Ven Capital, Sygnum, Azimut Group, and Unicorn Factory Ventures. It will use the funds to improve user interaction and process automation, aiming to set new industry standards in performance, reliability, developer support, and cost-efficiency.

“We have not needed financial support because we’re a profitable company,” Jan-Jaap Jager, CEO of Chainstack, told Tech in Asia. “However, to achieve our goals, we wanted to bring some strategic partners to the table.”

Chainstack partners with over 25 public blockchains and serves over 100,000 Web3 developers. It said that it handles over 100 billion requests monthly with a 99.99% uptime.

Notably, the company’s annual net billings have grown by 62% on average over the last two years, and it experienced a 40% increase in paid customers from January to March 2024 compared to the same period last year.

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