Everledger Raises $20M Led by Tencent for Blockchain Luxury Goods Tracking
Everledger, a pioneering blockchain provenance startup, has secured $20 million in a Series A funding round led by Tencent. The investment signals a vote of confidence in Everledger's innovative use of technology to verify the authenticity of diamonds and other luxury goods.
Tencent, the Chinese tech giant, has joined Everledger's board as part of the investment deal. Leanne Kemp, Everledger's CEO, expressed her enthusiasm for the partnership, stating that it will strengthen cooperation between the two companies in the future.
The funding round also saw participation from other notable investors, including Rakuten, Graphene Ventures, Bloomberg Beta, Fidelity Investments, and Vickers Venture Partners. Everledger's CEO, Leanne Kemp, welcomed the investment, interpreting it as validation of the company's innovative approach and a sign of future growth.
Everledger, founded in 2015, uses technology to track and verify the provenance of diamonds and other luxury goods. The company has expanded its reach to include sectors like wine, art, and minerals. Notably, Everledger was part of an accelerator program hosted by Mastercard in 2016.
James Mitchell, chief strategy officer at Tencent, praised Everledger's use of technology for enhancing consumer value and reducing business risks. In light of this, Everledger plans to release a WeChat Mini Program for buying diamonds tracked on blockchain, further enhancing security and transparency in transactions.
With Tencent's investment and partnership, Everledger aims to strengthen its presence in China. The company's innovative use of technology continues to attract investors and pave the way for a more secure and transparent market for luxury goods.
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