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UK-based blockchain startup Everledger has raised $20 million in a Series A funding round led by Chinese internet giant Tencent.
The funding round also drew support from Graphene Ventures, Bloomberg Beta, Rakuten, Fidelity and Vickers Venture Partners.
Founded in 2015, Everledger is a technology company that leverages secure technologies such as blockchain, artificial intelligence (AI) and Internet-of-Things (IoT) to help business surface and converge asset information. The company plans to use the fresh funding to advance its mission of building “transparency, traceability and sustainability into global supply chains.”
“Having this strong investor cohort join us at this stage in our development is both validation of the innovation we’ve displayed to date, and a statement of future intent. They will support us in bringing more visibility to good business practices in industries that impact millions, if not billions of people in developing countries,” Leanne Kemp, founder and CEO of Everledger, said.
Everledger has reportedly grown 300% in the last year, having reached a global footprint with 90 team members, five offices, and customers in five continents.
Just recently, the startup launched version 2.0 of its blockchain platform, which provides “increasing levels of transparency across complex and regulated supply chains,” Everledger said.
The blockchain-based Everledger platform creates secure and permanent digital records of an asset, allowing various stakeholders such as producers, manufacturers, certification houses and retailers to further evidence the origin, ownership and characteristics of their assets to consumers. On the other hand, consumers can access this information on any device, from desktops to smartphones.
With this funding round, Tencent is now represented in the Everledger board.
Commenting on the collaboration, Kemp announced plans to launch “the world’s first WeChat Mini Program for blockchain-enabled diamonds,” which will help unite key stakeholders in the diamond value chain and empower WeChat users to buy jewellery with more transparency and security.
“Everledger’s application of blockchain technology enhances value to consumers and reduces risks for businesses across the industry”, said James Mitchell, Chief Strategy Officer at Tencent.
