Everledger, a blockchain-enabled supply chain startup based in the UK, has concluded its US$20 million Series A fundraising round led by Chinese internet services provider Tencent Holdings Ltd.
According to a recent press release, the investment will give Tencent a seat on Everledger’s board.
Leanne Kemp, CEO and founder of Everledger, said the fundraising would help support the firm’s expansion, describing Everledger and Tencent as “a natural fit,” given that the two firms share strategic synergies including several solutions that are part of their ecosystem.
“As an example, we will launch the world’s first WeChat Mini Program for blockchain-enabled diamonds, uniting key stakeholders in the diamond value chain, which aims to empower WeChat users to buy jewelry with more transparency and security,” Kemp said.
“We are excited to see how this new partnership with Tencent will help to strengthen and extend our developments in China and contribute to other potential partnerships.”
Founded in 2015, Everledger employs blockchain technology to track the provenance of diamonds and other high-value assets such as fine wines, ensuring quality and authenticity for buyers.
Everledger’s product is based on Hyperledger Fabric, while employing the IBM Blockchain Platform for extra security.
In addition to Tencent, the Series A round included other major investors such as Japanese retail giant Rakuten, American investment management company Fidelity, Bloomberg’s investment arm Bloomberg Beta, as well as Vickers Venture Partners and Graphene Ventures from Singapore, as per the press release.
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