Everledger raises $20Mn in a Series A funding round led by Tencent

Known as one of the biggest innovations in recent times – blockchain technology has revolutionized the world’s financing infrastructure. Companies have started using blockchain technology for financial applications as well as for improving their bureaucratic systems. Moreover, numerous investments are made in blockchain firms to boost the technology’s traction across industries.

Everledger, a UK-based blockchain startup, has reportedly raised $20 million (£16 million) in a Series A funding round led by Tencent, a Chinese tech firm, with participation from Bloomberg Beta, Graphene Ventures, Fidelity, Rakuten, and Vickers Venture Partners. According to reports, the company has raised a total of $30.4 million until now and plans to use it to develop sustainable supply chains.

For the record, Everledger is into blockchain technology to track the provenance of high-value assets such as diamonds and fine wines. It aims to offer retailers, producers and consumers with information regarding characteristics, provenance, and ownership of such assets.

Moreover, Everledger enables its clients to store, view, search and share information about assets like gemstones, minerals, art, and many more. The company develops digital twins, tracing transaction securely and produces a complete record of assets.

Speaking on the investment, Leanne Kemp, Founder and CEO, Everledger, said that this fundraiser would strengthen the company’s expansion into China with the introduction of a WeChat app for blockchain-enabled diamonds. She said that having a strong investment for the company is both a validation of the its innovation and a statement of future intent.

Kemp also said this investment will help the company bring in more visibility to good business practices in numerous industries that affects millions of people worldwide.

According to James Mitchell, Chief Strategy Officer, Tencent, the company is delighted to support Everledger in improving the sustainability and transparency of global supply chains. Mitchell claims that Everledger’s blockchain technology applications adds value to consumers and reduces risks for businesses in the industry.

Source Credit- https://www.cityam.com/blockchain-startup-everledger-raises-20m-in-funding-round-led-by-tencent/