By
Chimamanda U. Martha
April 25th, 2024
China’s Tencent Holdings led the latest funding round for Everledger which specializes in leveraging blockchain and other emerging technologies in making global supply chains robust and transparent.
London-based blockchain startup Everledger recently announced of securing a massive $20 million in Series A funding led by Tencent Holdings Ltd. Other major participants to this funding round included Rakuten, Fidelity, Graphene Ventures, Bloomberg Beta and Vickers Venture Partners.
Founded in 2015, Everledger uses the blockchain technology to develop an immutable ledger for asset ownership. In addition, Everledger also looks to tap other emerging technologies like AI and IoT to create robust and transparent supply-chain networks.
Everledger works with different stakeholders in the entire supply chain including producers, manufacturers, retailers, certification houses. This way it helps the end consumers get more transparency into the origin of the product and its handling during the entire supply chain.
Everledger provides its tech solutions to diverse industries like wine, diamonds, and e-waste lifecycle management. 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.”
With the latest $20 million fundraising, the company has raised a total of $30.4 million. It secured $10 million funding last year in March 2018. Chinese internet-service provider and telecom giant Tencent was leading the latest funding round.
“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. Mr Mitchell added: “We are delighted to support Everledger to improve the transparency and sustainability of global supply chains.”
Some of the major clients of Eveledger in the gemstone industry includes America’s Fred Meyer Jewelers, Hong Kong-based jewelry group Chow Tai Fook, Gemological Institute of America, and Pact and Moyo Gemstones. As said earlier. Everledger tracks precious gems from source to consumer within the entire supply chain.
Speaking to The Block, Kemp said:
“We have grown 300% in the last year alone, with customers in five continents. We are generating revenue healthily and focused on our continued client engagement and market adoption.”