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Blockchain startup TradeWindow has successfully secured NZ$2.67 million (US$1.7 million) from New Zealand-based ASB Bank in a seed funding round alongside other new investors that are experts in shipping and logistics. Family office Leroux, its consulting partner Te Hana, and family office Rae have all participated in the fundraising, a press release revealed.
TradeWindow aims to streamline operations of a supply chain, which will ultimately help companies save costs, decrease fraud, and bolster their cybersecurity. ASB previously participated in a previous funding round by TradeWindow.
With this new investment, the financial company now owns 21% of the blockchain startup. Nigel Annett, executive general manager of business banking at ASB, commented on the firm’s participation and said that this represents their confidence in what TradeWindow will become once it launches.
“ASB supported and invested in TradeWindow early on because we could see the opportunity and the need to simplify the export process, while also providing a secure platform to share relevant information and documentation. For TradeWindow to receive additional investment from companies of this caliber really highlights the opportunity in this space, and we’re incredibly excited that it is nearing commercial launch,” Annett said.
A valuable insight
TradeWindow founder and CEO AJ Smith said that their new partners will be a valuable addition to its future operations thanks to the insight and experience they’ll bring. Smith said that the system is close to launching but didn’t provide a specific date.
“We have rapidly progressed the product’s capabilities and now that it has been thoroughly tested and validated, TradeWindow is very close to commercial launch. This is piquing the interest of some of the region’s most experienced exporters, carriers, banks, ports, and airlines,” Smith said.
A tested product
In 2018, ASB successfully tested TradeWindow when it facilitated a transaction between a Korean importer and major Kiwi meat importer Greenlea Premier Meats. The system used digital ledger technology (DLT), which allows access to all parties that are involved in the transaction.
With this setup, illicit actors wouldn’t be able to edit whatever’s been recorded on the ledger since the network will need to reach a consensus agreement on it before any changes can be made. It remains to be seen how successfully TradeWindow will become once it launches, but the entities that are backing it are optimistic it will become huge, with a possibility of penetrating multiple sectors in the future.
