DLT Ledgers picks up $8.5M to expand blockchain-based supply chain network
Blockchain-focused Multi Enterprise Supply-Chain Business Network (MESCBN) platform DLT Ledgers has reportedly raised $8.5 million in a Series B round at a valuation of over $100 million, as per a statement. The family office of the Tata Group and Centrum participated in this round.
DLT Ledger's fundraise comes at a time when investments into the blockchain and Web3 sector are expected to slow down in the second half of 2022, as per a recent KPMG report.
Anton Ruddenklau, KPMG’s global leader of fintech and an author of the report, expects the slowdown of interest and investment to be particularly felt in retail firms dealing with coins, tokens and nonfungible tokens (NFTs).
DLT Ledgers, which offers a B2B solution for enterprises looking to leverage blockchain tech to streamline processes, build connected supply chains and increase collaboration with two-way agreements - does not fall into this category.
DLT Ledgers' subscription and transaction-based platform enables multi-party transactions across enterprises. The digitisation of multi-party transactions on blockchain provides authenticity and enables a large part of sustainability and financing initiatives with suppliers and distributors, the startup claimed.
Samir Neji, Founder, DLT Ledgers, said, “The global appetite for connected supply-chains is growing and with the recent pandemic, its being deployed by most of the Fortune 500 enterprises and banks. It is a tough climate for fund raising as the world market is going through flux, and investors are selective. It’s a real testament to our platform and its multiplier effect."
“We provide a technology that allows enterprises to jump start, connect, and collaborate with their supply chain partners dynamically and in real-time, accelerating mission-critical supply chain process by ten folds. Our low code metaverse platform will also enable enterprises to build their own network with ease and seamlessly invite their partners to work together and collaborate like never before,” added Samir.
DLT Ledgers is also extending the round to $15 million, set to close off by the end of October 2022. The firm did not reveal further information about this.
With the fundraise, the company plans to expand into North American markets and scale its engineering teams and growth teams. This includes further platform innovation with Corda, Accenture, SAP, Microsoft and several other partnerships.
Edited by Megha Reddy