Blockchain-based #dltledgers raises $8.5 million in Series B investment, CIOSEA News, ETCIO SEA

Blockchain-based multi enterprise supply-chain business network (MESCBN) platform, #dltledgers, announced today that it has raised $8.5 million from its lead investor in a Series B funding round. This strategic round now brings #dltledgers’ valuation to well over $100 million, up from $46 million after the Series A round just over a year ago.

#dltledgers’ subscription and transaction-based MESCBN platform enables multi-party transactions across businesses. A connected supply chain between entities solves a major problem for large companies, banks, logistics and finance organizations. The digitization of multi-party transactions provides authenticity and enables a large part of sustainability and financing measures with suppliers and distributors. It is industry agnostic and can be signed and operated by any company that has a network of suppliers, distributors, banks and logistics.

“The global appetite for connected supply chains is growing, and with the recent pandemic, it is being deployed by most of the Fortune 500 companies and banks. We lead these markets globally and have an ambition to play an important role in collaborating and solving the gaps in the extended supply chain.

It is a tough climate for raising funds as the world market is changing and investors are very selective. It is a true testament to our platform and its multiplier effect; we were oversubscribed for our series. The world definitely needs a MESCBN platform like ours, which can connect supply chains across entities, starting from a supplier or distributor framework and can deliver authentication, sustainability and financing in its trust mode across logistics banks and all supply chain partners,” Samir Neji , the founder of #dltledgers.

“We deliver a technology that allows companies to get started, connect and collaborate with their supply chain partners dynamically and in real-time, accelerating mission-critical supply chain processes by tenfold. Our low-code metaverse platform will enable companies to build their own network easily and seamlessly invite their partners to work together and collaborate like never before,” added Samir.

Considering the demand and the expanded interest from other investors in the APAC region, #dltledgers decided to expand the round to $15 million, to close at the end of October. There are ongoing talks for further closures and will lead to a close acquisition by strategic investors within the round. The company did not provide any further information and plans regarding the same.

“I am extremely optimistic about our platform, I saw the global impact it could have for supply chain finance and sustainability, and our new round of investment reinforces our focus on solving real-world supply chain and finance problems. Technology has evolved so much that we felt the need to change people’s thinking about what those qualities could be,” says Farooq Sidiqqi, CEO of #dltledgers, who joined the company after a 30-year stint as a banker.

Investments from the Series B funding round will help #dltledgers execute on its North American expansion plans while further scaling its engineering and growth teams. This includes further platform innovation with Corda, Accenture, SAP, Microsoft and several other partnerships. Further announcements about the planned expansion and the use of funds will be made in the coming weeks.

“We are a North America focused fund that has invested in more than 50+ companies and were looking for a scalable platform that can build large networks in the MESCBN space and with extended capacity to play across the FINTECH space. Our research team identified #dltledgers as a unique supply chain enterprise blockchain company that 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’m excited to join the board and lead the company into the next phase, says Sheroy Irani, partner in Lead investor.

Leading grocery company Wipro Consumer Goods, a customer of #dltledgers for the past two years, has strategically benefited from the company’s transformative solutions and welcomed this announcement.

“We’ve been with #dltledgers for the past two years and have seen the impact of their MESCBN blockchain platform across our suppliers and distributors. It’s helped us streamline processes, build a cohesive supply chain and increase collaboration with two-way agreements, saving us for time, effort and cost across multi-party transactions. The pandemic highlighted the problems with today’s supply chain gaps and we saw how #dltldgers are pioneering efforts to take supply chain into the new Web3 world. Glad to see more innovation from these guys, ” said Deepak Chandra, Global CFO, Wipro Consumer Goods.

In addition to Wipro Consumer Goods, #dltledgers’ platform is also deployed in many large global enterprises and banks globally; to name a few global innovators such as Mondelez, Tata Motors, ANZ bank, Shiseido, OCP, Trade Development Bank of Africa, Stockland.