Blockchain provenance startup Everledger has raised $20 million in a Series A round led by tech giant Tencent.
Founded in 2015, The U.K.-based startup uses blockchain technology to track the provenance of diamonds and other high-value assets such as fine wines. In an announcement on earlier this week, Everledger said Tencent has now joined its board as part of the investment deal. Others who took part in the Series A also include Bloomberg Beta, Graphene Ventures and Vickers Venture Partners.
Tencent Led in Series A Round
Everledger describes itself as an “independent technology company helping businesses surface and converge asset information, using a symphony of secure technologies, including blockchain, artificial intelligence, intelligent labeling, and Internet of Things.
Leanne Kemp, founder and CEO of Everledger, said in the announcement: “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.”
Kemp also revealed that her firm will launch a WeChat Mini Program for blockchain-tracked diamonds. The service is aimed to enable WeChat users to “buy jewellery with more transparency and security,” she said.
With Tencent now a partner, Kemp further said the relationship will help Everledger strengthen its presence in China.
Discussing the reasons for backing the blockchain firm, Tencent chief strategy officer James Mitchell said, “Everledger’s application of blockchain technology enhances value to consumers and reduces risks for businesses across the industry.”