#dltledgers, a blockchain-based multi-enterprise supply chain business network (MESCBN) platform, 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 cross-company, multi-party transactions. A connected supply chain between entities solves a major problem for large corporations, banks, logistics and finance organizations. Digitizing multi-party transactions provides authenticity and enables a large part of sustainability and financing initiatives with suppliers and retailers. It is industry independent and can be subscribed to and operated by any company that has a network of suppliers, distributors, banks and logistics.
“The global appetite for connected supply chain is growing and with the recent pandemic it is being adopted by most Fortune 500 companies and banks. We are global leaders in these markets and have ambitions to play a key role in collaborating and bridging the gaps in the extended supply chain.
It’s a tough climate to raise capital as the world market is in flux and investors are very picky. It’s a real testament to our platform and its multiplier effect; We have oversubscribed to our series. The world certainly needs a MESCBN platform like ours that can connect supply chains across companies, starting from a supplier or merchant framework, and provide authentication, sustainability and financing in their trust mode across logistic banks and all supply chain partners,” explained Samir Neji, who Founder of #dltledgers.
“We provide technology that enables companies to dynamically start, connect and collaborate with their supply chain partners in real-time, accelerating mission-critical supply chain processes by 10x. Our low-code metaverse platform will enable companies to effortlessly build their own network and seamlessly invite their partners to collaborate like never before,” added Samir.
Given the demand and continued interest from other investors in the APAC region, #dltledgers decided to expand the round to $15 million and complete it by the end of October. Discussions are ongoing for further closures and will result in close acquisition of strategic investors within the round. The company did not provide any further information or plans.
“I’m extremely optimistic about our platform, I’ve seen the global impact it could have on supply chain finance and sustainability, and our new investment round reinforces our focus on solving real-world supply chain and finance problems. Technology has evolved so much that we felt the need to change how people think about what those skills could be,” said Farooq Sidiqqi, CEO of #dltledgers, who joined the company after 30 years as a banker.
Investments from the Series B funding round will help #dltledgers execute on its plans for North American expansion while continuing to scale its engineering teams and growth teams. This includes further platform innovations with Corda, Accenture, SAP, Microsoft and several other partnerships. Further announcements on the planned expansion and use of the funds will be made in the coming weeks.
“We are a North American focused fund that has invested in over 50 companies and was looking for a scalable platform capable of building large networks in the MESCBN space and with expanded capabilities to operate across the FINTECH space. Our research team has determined that #dltledgers is a unique enterprise blockchain supply chain company that can scale 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 it. I am very excited to join the board and lead the company into its next phase,” said Sheroy Irani, Partner at Lead Investor.
Leading FMCG company Wipro Consumer Goods, a customer of #dltledgers for two years, has strategically benefited from the company’s transformative solutions and welcomed this announcement.
“We have been with #dltledgers for two years and have seen the impact of their MESCBN blockchain platform on our suppliers and distributors. It has helped us streamline processes, build a connected supply chain and improve collaboration through two-way agreements, saving us time, effort and expense in multi-party transactions. The pandemic has highlighted the issues with the current gaps in the supply chain and we have seen #dltldgers pioneering to bring the supply chain into the new Web3 world. We look forward to seeing more innovation from these guys,” said Deepak Chandra, Global CFO, Wipro Consumer Goods.
In addition to Wipro Consumer Goods, the #dltledgers platform is also used in many large global companies and banks worldwide; just to name a few global innovators like Mondelez, Tata Motors, ANZ Bank, Shiseido, OCP, Trade Development Bank of Africa, Stockland.