UK-based blockchain startup firm Everledger has raised $20m (£16m) in a series A funding round led by Chinese investment firm Tencent.
Everledger also received backing from startup funder Graphene Ventures and Fidelity Investments.
Founded in 2015 by Australian business woman Leanne Kemp, Everledger uses blockchain technology to track the provenance of diamonds and other high-value assets such as fine wines.
It aims to provide producers, retailers and consumers with information about the provenance, characteristics, and ownership of assets.
Kemp said the fundraising would help support Everledger’s expansion. “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,” she said.
“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.”
Kemp described Everledger and Tencent as a “natural fit”, and said the partnership would help “strengthen and extend” Everledger’s presence in China.
Tencent chief strategy officer James Mitchell said the company was “delighted to support Everledger to improve the transparency and sustainability of global supply chains.
“Everledger’s application of blockchain technology enhances value to consumers and reduces risks for businesses across the industry,” Mitchell added.
Tencent will now be represented on Everledger’s board, the two firms said.
Main image credit: Everledger