Tech Company Everledger Closes $20M Funding Led by Tencent

Technology
25/09/2019 13:04

UK-based technology company Everledger, which specializes in asset traceability, provenance and supply-chain transparency solutions, has completed its $20 million Series A funding with the backing of Tencent Holdings Ltd, China’s leading internet-based services provider and the company behind WeChat, among other applications. Graphene Ventures, Bloomberg Beta, Rakuten, Fidelity and Vickers Venture Partners have also participated.

“Today’s announcement amplifies our commitment to global markets, whilst fuelling our industry momentum as we continue to build Everledger," said Leanne Kemp, founder and CEO of 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.” 

Ms Kemp also pointed out that Tencent, which is now represented in the Everledger board, the potential synergies of the partnership with Tencent, will team up with Everledger to inject transparency into jewelry purchases among WeChat users. “Everledger and Tencent are a natural fit," Kemp adds. "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 jewelry 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.” Everledger's clients already include gem businesses such as Brilliant Earth, Chow Tai Fook and Gübelin Gem Lab. 

“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.”