#dltledgers, a Singapore-based blockchain-based multi-enterprise supply-chain business network (MESCBN) platform, announced that it raised $8.5 million in Series B funding. With this strategic investment, #dltledgers' valuation has increased to over $100 million.
The fund will help #dltledgers execute its plans for North American expansion while scaling its engineering teams and growth teams further. This includes further platform innovation with Corda, Accenture, SAP, Microsoft, and several other partnerships.
#dltledgers' subscription and transaction-based MESCBN platform enable multi-party transactions across enterprises. The digitalization of multi-party transactions provides authenticity and allows a large part of sustainability and financing initiatives with suppliers and distributors.
"I am extremely bullish about our platform, I saw the global impact it could bring to supply chain finance and sustainability, and our new investment round strengthens our focus in solving real-life supply chain and financing issues. Technology has advanced so much that we felt the need to shift people's thinking about what those capabilities could be," said Farooq Sidiqqi, CEO of #dltledgers, who joined the company after a 30-year stint as a banker.
The #dltledgers platform is used by Wipro Consumer Goods and numerous other significant international businesses and banks, including Stockland, Mondelez, Tata Motors, ANZ Bank, Shiseido, and others.
Company: Distributed Ledgers Technology Pte Ltd.
Round: Series B
Funding Month: September 2022
Lead Investors: Undisclosed
Additional Investors: Undisclosed
Company Website: https://dlt.sg/
Software Category: Multi-Enterprise Supply-Chain Business Network (MESCBN) platform
About the company: #dltledgers is a leading global blockchain-based multi-enterprise supply-chain business network (MESCBN) platform headquartered in Singapore and spanning across SEA, ANZ, Japan, MENA, Africa, and India. The platform helps corporates and banks to build a connected supply chain—run end-to-end contract compliance; authenticate their commercial documents, sub-contracts; logistics; reverse logistics; claims; financing, and bank interactions; enabling them to automate multi-party transactions, streamline processes, and reduce costs. #dltledgers was the first platform of its kind globally to go into full production, and it has processed several billion dollars worth of live transactions. It played a key role in initiating Singapore's "Trade Finance Registry," the world-first collaboration of fourteen banks led by DBS and Standard Chartered Bank, aiming to fight trade fraud. Later, the global research firm, CB Insights, named #dltledgers as one of the top 50 private companies globally in the blockchain.