The company said the funds will be used for strengthening the product and the team.
London-based startup OweMe that helps companies move money efficiently through their supply chain, raised $1 million in seed funding from Bengaluru-based Artificial intelligence and IoT-focused early stage venture fund pi Ventures.
OweMe increases profitability by removing supply chain costs using provenance and disintermediation for banks, large corporate buyers and suppliers. The funds raised will be used for strengthening the product and the team, said the company.
OweMe was co-founded in 2016 by Nishant Singh (CEO) and Nisha Singh (COO). Nishant Singh, CEO and Co-founder, OweMe, says, “Finance has been viewed as a single entities’ issue for ages. Operationally, firms have long since integrated their supply chains but there is a long way to go for financial integration. Today, technology, regulation and market readiness can drive significant transformation in the way companies think about finance in their supply chains. We are very excited about the investment and the opportunities we can unveil with it."
Abishek Surendran, Partner, pi Ventures, added, “Large companies are looking to leverage their balance sheet to lock in their supply and distribution chains. Nishant and Nisha’s extensive understanding of the supply chain finance space and blockchain has helped them build a world- class platform that is revolutionary. The platform can be used wherever provenance of money flow is important.”
Pi Ventures portfolio that includes Sigtuple, Zenatix, Niramai had made the second close of its $30-million fund at $25 million (about Rs 160 crore) early this year. The key investors in that round included Hero Enterprise chairman Sunil Kant Munjal, Electronic Development Fund (managed by Canbank Ventures) and others. The fund also has support from Sidbi, Accel Partners, In Colour Capital from Canada, IFC, Mohandas Pai, Binny Bansal, Deep Kalra and Sanjeev Bikhchandani.