EVERLEDGER CLOSES $20M SERIES A LED BY TENCENT

UK-based technology company Everledger announced today that it has completed its USD20 million Series A funding. The round comes to a close with the backing of Tencent Holdings Ltd, China’s leading internet-based services provider. Graphene Ventures, Bloomberg Beta, Rakuten, Fidelity and Vickers Venture Partners have also participated.

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.”

“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.”

“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 organizations, such as Lyft and Snapchat, and an important step towards more sustainable practices in complex supply chains.”

Tencent’s mission to improve the quality of life through Internet value-added services is already an integral part of Everledger’s business model. Everledger’s purpose is to contribute greater clarity and confidence in the marketplaces where transparency is a strategic imperative. This allows for ever more knowledge and sustainable business practices, as information is surfaced in an unprecedented way. Tencent is now represented in the Everledger board.

Ms Kemp emphasised the potential synergies of the partnership with Tencent: “Everledger and Tencent are a natural fit. We 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 jewellery with more transparency and security. 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.”

 

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