Everledger Closes $20M Series A Led By Tencent

September 24, 2019 - 11:31
Everledger Closes $20M Series A Led By Tencent

Everledger wraps up Series A to build transparency, traceability and sustainability into global supply chains.


LONDON, UK - MediaOutReach - 24 September 2019 - UK-based technology company Everledgerannounced today that it has completed its USD20 million Series A funding. Theround comes to a close with the backing of Tencent Holdings Ltd, China'sleading 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, whilstfuelling our industry momentum as we continue to build Everledger. Having thisstrong investor cohort join us at this stage in our development is bothvalidation of the innovation we've displayed to date, and a statement of futureintent. They will support us in bringing more visibility to good business practicesin industries that impact millions, if not billions of people in developingcountries."


"Everledger's application of blockchaintechnology enhances value to consumers and reduces risks for businesses acrossthe industry", said James Mitchell, Chief Strategy Officer at Tencent. MrMitchell added: "We are delighted to support Everledger to improve thetransparency and sustainability of global supply chains."


"Everledger is very well positioned toincrease transparency in supply chains", said Nabil Borhanu, Managing Partnerat Graphene Ventures. "This investment marks an incredibly exciting addition toour cohort of talented technology organizations, such as Lyft and Snapchat, andan important step towards more sustainable practices in complex supply chains."


Tencent's mission to improve the quality oflife through Internet value-added services is already an integral part ofEverledger's business model. Everledger's purpose is to contribute greaterclarity and confidence in the marketplaces where transparency is a strategicimperative. This allows for ever more knowledge and sustainable businesspractices, as information is surfaced in an unprecedented way. Tencent is nowrepresented in the Everledger board.


Ms Kemp emphasised the potential synergies ofthe partnership with Tencent: "Everledger and Tencent are a natural fit. Weshare strategic synergies including several solutions that are part of theirecosystem. As an example, we will launch the world's first WeChat Mini Programfor blockchain-enabled diamonds, uniting key stakeholders in the diamond valuechain, which aims to empower WeChat users to buy jewellery with moretransparency and security. In particular, we are excited to see how this newpartnership with Tencent will help to strengthen and extend our developments inChina and contribute to other potential partnerships."


Spokesperson headshot and bio: www.everledger.io/press-room/media-assets

About Everledger:

Founded in 2015, Everledger is an independenttechnology company helping businesses surface and converge asset information, usinga symphony of secure technologies, including blockchain, artificialintelligence, intelligent labelling and Internet of Things. Our purpose is tocontribute greater clarity and confidence in marketplaces where transparencymatters most.


We digitally streamlineour clients' compliance processes, to help them demonstrate the lifetime storyof an asset with greater efficiency and accuracy. As technology partners, wealso support in powering resilience and sustainability. With information out inthe open, we believe the value of many industries -- from diamonds, to finewines, to e-waste lifecycle management -- will be shared by all stakeholdersthroughout the value chain.


By working withEverledger, stakeholders such as producers, manufacturers, certification housesand retailers can further evidence the origin, ownership and characteristics oftheir assets to increasingly more conscientious consumers. And consumers canhave access to all this information on any device, from desktops tosmartphones.


Founder and CEOLeanne Kemp is an acclaimed entrepreneur and prominent figure in the technologysector, having just been appointed for a second term as Chief Entrepreneur ofQueensland in Australia. Ms Kemp co-chairs the World Economic Forum's GlobalFuture Council on the Future of Manufacturing and takes part in the GlobalFuture Council on Blockchain. She also leads workstreams at the GlobalBlockchain Business Council and co-chairs the World Trade Board's SustainableTrade Action Group. She has recently joined the board of PACT and has beennominated an Adjunct Professor of Queensland University.


Everledger has been nominated a TechnologyPioneer by the World Economic Forum in 2018.


For more information, visit: www.everledger.io


WeChat ID: Everledger

Background information for editors:

According to the Asian Development Bank, thereis currently a $1.5 trillion gap between the market demand and supply of tradefinance, with a particular impact on SMEs, which are the prime catalyst offinancial inclusion in wider society. This gap may rise to $2.4 trillion by2025 -- unless supply chains can find a different way of channelling funds tomeet demand. New digital technologies offer that alternative, especiallydistributed ledger technology. Bain & Company predicts that blockchaincould help reduce as much as $1.1 trillion of this trade finance gap over thenext decade.

About Tencent:

Tencent uses technology to enrich the lives ofInternet users.


Our communications and social platforms,Weixin and QQ, connect users with each other and with digital content andservices, both online and offline, making their lives more convenient. Ourtargeted advertising platform helps advertisers reach out to hundreds ofmillions of consumers in China. Our FinTech and business services support ourpartners' business growth and assist their digital upgrade.


Tencent invests heavily in talent andtechnological innovation, actively promoting the development of the Internetindustry. Tencent was founded in Shenzhen, China, in 1998. Shares of Tencent(00700.HK) were listed on the Main Board of the Stock Exchange of Hong Kong in2004.


For more information, visit: www.tencent.com