Singapore-based fintech firm #dltledgers announced that it has raised S$8.5 million in a Series B funding round to fuel its North American expansion plans.
According to #dltledgers, the recent fundraise has pushed its valuation to S$100 million, up from S$46 million after its Series A round just over a year ago.
The firm is looking to extend the round to S$15 million, to close off by the end of October. #dltledgers said that there are ongoing conversations for further closures and will lead to a close acquisition of strategic investors within the round. The company did not give further information and plans on the same.
With the new funds, #dltledgers aims to scale its engineering teams and growth teams further. This includes further platform innovation with Corda, Accenture, SAP, Microsoft and several other partnerships.
Further announcements on its planned expansion and use of funds will be made in the upcoming weeks.
#dltledgers is a blockchain based multi enterprise supply-chain business network (MESCBN) platform deployed in many enterprises and banks globally like Mondelez, Tata Motors, ANZ bank, Shiseido, OCP, Stockland and more.
“It is a tough climate for fund raising as the world market is going through flux, and investors are very selective. It’s a real testament to our platform and its multiplier effect; we got over subscribed for our series.
The world certainly needs an MESCBN platform like ours, which can connect supply-chains across entities, starting from a supplier or distributor framework and can deliver authentication, sustainability and financing in its trust mode across logistics banks and all of supply chain partners,”
said Samir Neji, Founder of #dltledgers.
“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.