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Everledger closes $20m Series A

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UK-based technology company Everledger has announced today that it has completed a $20 million Series A funding round.

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.

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

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.

Lauren Kemp added: “Everledger and Tencent are a natural fit. We share strategic synergies including several solutions that are part of their ecosystem.

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.”