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Blockchain Group Everledger Gets $20M Funding

Chinese internet giant Tencent leads Series A round.
Sep 24, 2019 8:01 AM   By Rapaport News
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RAPAPORT... Chinese internet giant Tencent Holdings has led a $20 million investment in technology company Everledger, which provides blockchain services to the diamond industry.

Everledger will use the money from the Series A funding round to finance its growth. The company, whose clients include Gübelin Gem Lab, Chow Tai Fook and Hari Krishna Exports, also received investments from Graphene Ventures, Bloomberg Beta, Rakuten, Fidelity and Vickers Venture Partners.

“Having this strong investor cohort join us at this stage in our development is both validation of the innovation we’ve displayed to date and a statement of future intent,” Everledger CEO Leanne Kemp said Tuesday. “They will support us bringing more visibility to good business practices in industries that impact millions, if not billions, of people in developing countries.”

Additionally, Tencent, which will have representation on Everledger’s board, will partner on the launch of a WeChat Mini Program for blockchain-enabled diamonds. The project will unite key stakeholders in the diamond value chain, in an effort to spur WeChat users to buy jewelry with more transparency and security, Kemp explained.

“We are excited to see how this new partnership with Tencent will help to strengthen and extend our developments in China and contribute to other potential partnerships,” she added.

Image: A woman holding an engagement ring. (Shutterstock)
Tags: Blockchain, Bloomberg Beta, Chow Tai Fook, Everledger, Fidelity, Graphene Ventures, Gübelin Gem Lab, Hari Krishna Exports, Leanne Kemp, Rakuten, Rapaport News, Series A funding, Tencent, Tencent Holdings, Vickers Venture Partners
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