Tencent Leads $20M Funding Round for DLT Supply Chain Firm Everledger

British blockchain-enabled supply chain firm Everledger has raised $20 million in a new funding round participated by Chinese Internet giant Tencent.

“Everledger and Tencent are a natural fit”

Following the investment, Tencent will now be represented in the Everledger board, the company said in a press release shared with Cointelegraph on Sept. 24.

The new funding will help Everledger to continue improving transparency, sustainability and traceability across global supply chains. Leanne Kemp, founder and CEO of Everledger, also pointed out the importance of Tencent’s participation, outlining the potential synergies of the partnership with the company.

“Everledger and Tencent are a natural fit,” Kemp stated, explaining that the firms share strategic including several solutions that are part of their ecosystem, while the company also plans to extend its developments in China. 

Specifically, Everledger is planning to launch a unique program for blockchain-powered diamond tracking apparently based on Tencent’s WeChat. Kemp stated:

“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.”

Other investors 

The new Series A funding round included major global investors such as Japan's retail giant Rakuten, American investment management firm Fidelity, Bloomberg’s venture fund Bloomberg Beta, as well as Singapore-based Vickers Venture Partners and Graphene Ventures, the press release notes.

Founded in 2015, Everledger is a leading global disruptor of blockchain-enabled management and tracking of supply chains as the company pioneered blockchain technology for tracking diamonds in May 2018. 

Everledger’s product is based on Hyperledger Fabric, while the IBM Blockchain Platform provides an additional layer of security on the platform.

On Sept. 23, Tencent’s largest shareholder Naspers participated in a $15 million investment in blockchain game developer Immutable, which created popular blockchain game Gods Unchained.