Blockchain solutions provider Everledger has raised $7 million in bridge financing, i.e., loan, typically taken to meet short-term working capital needs.
The loan was provided by the U.K. Government’s Coronavirus Future Fund and Chinese tech giant Tencent, which also led Everledger’s $20 million Series A last September.
The Future Fund is a scheme that provides convertible loans between £125,000 to £5 million to eligible startups that are facing financing difficulties due to the coronavirus outbreak. It is not clear how much loan the scheme provided to Everledger and why the firm took the loan less than a year after its hefty Series A round.
Everledger declined to comment when reached but said it would invest the funds to advance its footprint in China. “Last year we launched...WeChat Mini Program for blockchain-enabled diamonds, and this year we’ll be announcing a partnership with one of China’s largest e-commerce companies,” said Everledger CEO Leanne Kemp, without disclosing the name.
The firm has also launched a new version of its blockchain platform for the diamond industry. It helps jewelry manufacturers and retailers in "demand generation, sustainability, and compliance" efforts.
Kemp said the firm would also provide an updated platform for other industries it works with, including wine, apparel, and luxury goods, “over the next couple of months.”