Today, UK-based technology company Everledger announced the completion of its $20 million Series A funding round.
The startup is setting out to increase transparency in supply chains using blockchain technology, enhancing value to consumers and reducing risks for businesses across the industry.
This round of funding saw baking from China’s leading internet-based services provider; Tencent Holdings Ltd. Everledger also saw participation from Graphene Ventures, Bloomberg Beta, Rakuten, Fidelity and Vickers Venture Partners.
Everledger was set up to create more clarity and confidence in the marketplaces where transparency is imperative. This clarity allows for more knowledge and sustainable business practices, and Everledge allows information to surfaced in an unprecedented way.
Leanne Kemp, founder and CEO of Everledger, said: “Today’s announcement amplifies our commitment to global markets, whilst fuelling our industry momentum as we continue to build Everledger. 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.”
“We are delighted to support Everledger to improve the transparency and sustainability of global supply chains.” said James Mitchell, Chief Strategy Officer at Tencent.
“Everledger is very well positioned to increase transparency in supply chains”, said Nabil Borhanu, Managing Partner at Graphene Ventures.
“This investment marks an incredibly exciting addition to our cohort of talented technology organisations, such as Lyft and Snapchat, and an important step towards more sustainable practices in complex supply chains.”
Lauren Kemp added: “Everledger and Tencent are a natural fit. We share strategic synergies including several solutions that are part of their ecosystem.
“In particular, 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.