UK-based Everledger has announced it has completed its US$20 million series A funding. The round comes to a close with the backing of China's Tencent Internet-based services provider. Graphene Ventures, Bloomberg Beta, Rakuten, Fidelity and Vickers Venture Partners have also participated, according to Everledger.
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. "We are delighted to support Everledger to improve the transparency and sustainability of global supply chains." Tencent is now represented in the Everledger board.
Kemp said Everledger and Tencent share strategic synergies, disclosing that Everledger will launch a 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, said Kemp.