Blockchain Group Everledger Gets $20M Investment

RAPAPORT... Blockchain technology company Everledger has closed a $20million Series A funding round, led by China-based internet giant TencentHoldings. Everledger, which supports blockchain technology for manycompanies in the diamond industry, will use the money to fund its growth. The company, whose clients include G? 1/4 belin Gem Lab, Chow Tai Fook and Hari Krishna Exports, alsoreceived investments from Graphene Ventures, Bloomberg Beta, Rakuten, Fidelityand Vickers Venture Partners. "Having this strong investor cohort join us at this stage inour development is both validation of the innovation we've displayed to dateand a statement of future intent," Everledger CEO Leanne Kemp said Tuesday."They will support us bringing more visibility to good business practices inindustries that impact millions, if not billions, of people in developingcountries." Additionally, Tencent, which will have representation on Everledger's board,will partner on the launch of a WeChat Mini Program for blockchain-enableddiamonds. The project will unite key stakeholders in the diamond value chain,in an effort to spur WeChat users to buy jewelry with more transparency andsecurity, Kemp explained. "We are excited to see how this new partnership with Tencentwill help to strengthen and extend our developments in China and contribute toother potential partnerships," she added. Image: A woman holding an engagement ring. (Shutterstock)