Blockchain-based multi enterprise supply-chain business network (MESCBN) platform #dltledgers today announced that it has raised $8.5 million led by the family office of TATA group and Centrum in a Series B funding round.
This strategic round now brings #dltledgers’ valuation to well above $100 million, up from $46 million after its Series A round just over a year ago.
#dltledgers’ subscription and transaction-based MESCBN platform enables multi-party transactions across enterprises. A connected supply chain between entities resolves a huge problem for large enterprises, banks, logistics and financing organisations.
The digitalisation of multi-party transactions provide authenticity and enables a large part of sustainability and financing initiatives with suppliers and distributors. It’s industry agnostic and can be subscribed and run by any enterprise which has a network of suppliers, distributors, banks and logistics.
The fresh investments will help #dltledgers execute its plans for North American expansion while scaling its engineering teams and growth teams further. This includes further platform innovation with Corda, Accenture, SAP, Microsoft and several other partnerships.
Further announcements on its planned expansion and use of funds will be made in the upcoming weeks, the Singapore-based company said in a statement.
“The global appetite for connected supply-chains is growing and with the recent pandemic, its being deployed by most of the fortune 500 enterprises and banks. It is a tough climate for fund raising as the world market is going through flux, and investors are very selective. It’s a real testament to our platform and its multiplier effect; we got over subscribed for our series,” said Samir Neji, founder of #dltledgers, which spans across aSEA, ANZ, Japan, MENA, Africa and India.
Considering the demand and extended interest from other investors in the APAC region, #dltledgers decided to extend the round to $15 million, to close off by the end of October. There are ongoing conversations for further closures and will lead to a close acquisition of strategic investors within the round. The company did not give further information and plans on the same.
“I am extremely bullish about our platform, I saw the global impact it could bring to supply chain finance and sustainability, and our new investment round strengthens our focus in solving real-life supply chain and financing issues. Technology has advanced so much that we felt the need to shift people’s thinking about what those capabilities could be,” added Farooq Sidiqqi, CEO of #dltledgers, who joined the company after a 30-year stint as a banker.
“We are a North America focused fund which has invested in more than 50 -plus companies and were on the lookout for a scalable platform which can build large networks in the MESCBN space and with extended capability to play across the fintech space. Our research team found #dltledgers as a unique enterprise blockchain company in supply-chain which can execute to the size and complexity of these markets. Their track record and growth story is phenomenal and we want to be a big part of this. I am thrilled to join the board and lead the company into its next phase,” said Sheroy Irani, Partner at Lead investor.
#dltledgers’ platform is deployed in many large global enterprises and banks globally including Wipro Consumer Goods, Mondelez, Tata Motors, ANZ bank, Shiseido, OCP, Trade development bank of Africa and Stockland among others.