The family office of the Tata Group and Centrum led the $8.5 million Series B fundraising round for the blockchain-based platform, multi-enterprise supply chain business networks (MESCBNs) #dltledgers, which has a valuation of over $100 million.
The company stated that it would use the funds to build its engineering and growth teams, expand operations in North America, and innovate on the platform with Microsoft, Accenture, SAP, and Corda.
“It is a tough climate for fundraising 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 oversubscribed for our series. The world needs an MESCBN platform which can connect supply chains across entities, starting from a supplier or distributor framework,” said Samir Neji, founder of #dltledgers.
#dltledgers platform is used by over 4,000 businesses participating in, financing, or supporting cross-border trades. More than $4 bn-worth of trades have been executed on the platform.
Deepak Chandra, Global CFO, Wipro Consumer Goods said, “We have been with Dltledgers for the last two years and have seen the impact of their MESCBN blockchain platform across our suppliers and distributors. It has helped us streamline processes, build a connected supplychain and increase collaboration with two-way agreements, saving us time, effort and cost across multi party transactions.”
They have built their platform keeping in mind three key factors, “Digitization, Collaboration, and Authentication,” focused on delivering three key pillars of trust, privacy, and security. Their blockchain technology will make digitizing the global trade processes and extended supply chain easy with their “No code” and Plug-and-Play platform.
#dltledgers is an integrated digital solution that delivers transparency, visibility & adequate risk-monitoring in real-time is the need of the hour to address financing disequilibria. An extended solution with regulatory participation will close the loop, significantly improving the ability to detect & prevent double financing & other fraudulent activities.