China’s Tencent Leads $20m Series A in UK-based Everledger

Chinese Internet giant Tencent has anchored the US$20-million Series A funding round in UK-based blockchain startup Everledger, according to an announcement.

Everledger, which is also backed by Singapore-based Vickers Venture Partners, said other investors in the funding round include Fidelity, Rakuten, Bloomberg Beta, and Graphene Ventures, a multi-stage investor in high-growth tech companies.

Headquartered in London, Everledger uses blockchain to provide a history of a high-value asset’s authenticity, ownership, and existence. The company started off as a diamonds tracking firm. It now has the provenance of over two million cryptographically-certified diamonds on the blockchain.

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The latest funding round brings Everledger’s total funds raised to date to US$30.4 million. It raised US$10.4 million last year, backed by Fidelity and GMP Securities.

Everledger CEO Leanne Kemp said the fresh funding will help the company fuel its industry momentum and further boost its technology and innovation.

“[The fresh investment] amplifies our commitment to global markets,” Kemp said. The investors, he said, will support Everledger in bringing more visibility to “good business practices” in industries that impact millions of people in developing countries.

Commenting on the investment, Tencent’s chief strategy officer, James Mitchell, the startup’s application of blockchain technology enhances value to consumers while reducing risks at the same time for businesses.

Tencent, he added, is supporting Everledger as it aims to improve the sustainability and transparency of global supply chains.

With the investment, Tencent now has a seat in the Everledger board, according to the announcement.

The Everledger platform will now allow users of Tencent’s WeChat to buy jewellery with more security and transparency through the first WeChat MiniProgram for blockchain-enabled diamonds that will soon be launch following the investment.

Aside from diamonds, the startup also expanded into jewellery, fine wine, coloured gemstones, art.

Among Everledger’s competitors in the blockchain space are CEDEX, a blockchain-based platform that enables users to buy, sell, trade, and investment in diamonds, and CoinFabrik.

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