DLT Ledgers raises $8.5 million to expand blockchain-based supply chain network
Blockchain focused Multi Enterprise Supply-Chain Business Network (MESCBN) platform DLT Ledgers has reportedly raised 8.5 million dollars in a Series B round to a valuation of over 100 million dollars, according to a statement. Family office to Tata Group and Downtown participated in this round.
DLT Ledger’s fundraising comes at a time when investment in the blockchain and Web3 sector is expected to slow in the second half of 2022, according to a recent KPMG report.
Anton Ruddenklau, KPMG’s global head of fintech and an author of the report, expects the decline in interest and investment to be particularly felt in retail businesses handle coins, tokens and non-fungible tokens (NFT).
DLT Ledgers, which offers a B2B solution for companies looking to leverage blockchain technology to streamline processes, build cohesive supply chains, and increase collaboration with two-way agreements—does not fall into this category.
DLT Ledgers’ subscription and transaction-based platform enables multi-party transactions across businesses. The digitization of multi-party transactions on blockchain provides authenticity and enables a large part of sustainability and financing initiatives with suppliers and distributors, the startup claimed.
Samir Neji, Founder, DLT Ledgerssaid, “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. It is a tough climate for raising funds as the world market is changing, and investors are selective . It’s a real testament to our platform and its multiplier effect.”
“We deliver a technology that allows companies to get started, connect and collaborate with their supply chain partners dynamically and in real-time, accelerating the mission-critical supply chain process by tenfold. Our low-code metaverse platform will also enable companies to build their own network with ease and seamlessly invite their partners to work together and collaborate like never before,” added Samir.
DLT Ledgers also extends the round to 15 million dollarsset to close by the end of October 2022. The firm did not disclose further information on this.
With the fundraising, the company plans to expand into North American markets and scale its engineering and growth teams. This includes further platform innovation with Corda, Accenture, SAP, Microsoft and several other partnerships.