UK-based technology company Everledger has announced it has completed a $20 million funding round.
The firm has received backing from a number of investment titans such as Tencent Holdings, Graphene Ventures, Bloomberg Beta, Rakuten, Fidelity, and Vickers Venture Partners.
Everledger is an independent technology company that makes use of a combination of blockchain, AI, and intelligent labelling technologies to introduce transparency to the supply chain of luxury goods.
The company digitally streamlines the compliance processes of its clients, offering better efficiency and accuracy. It also helps different parties to share and own information right across the value chain.
Everledger helps stakeholders to evidence the origin, ownership, and characteristics of assets to their consumers.
The importance of strong investment
Not only is Everledger forging ahead with real-life use cases for blockchain technology, but the company was also founded and run by a woman in blockchain – Leanne Kemp. She was named as one of Forbes’ top 50 women in tech in 2018.
Not only does she run the company on a daily basis, but she also co-chairs the World Trade Board’s Sustainable Trade Action Group and is on the IBM Blockchain Platform Board of Advisors.
Speaking after the conclusion of Everledger’s funding round, Kemp said: “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.”
How will Tencent and Everledger work together?
Kemp sees Tencent and Everledger as a natural fit for one another as both companies share a desire to provide more information along the value chain.
James Mitchell, chief strategy officer at Tencent, said: “Everledger’s application of blockchain technology enhances value to consumers and reduces risks for businesses across the industry. We are delighted to support Everledger to improve the transparency and sustainability of global supply chains.”