Tencent, Fidelity Back $20 Million Round for Blockchain Firm Everledger

Blockchain provenance startup Everledger has raised $20 million in a Series A round led by internet giant Tencent.

AccessTimeIconSep 24, 2019 at 10:45 a.m. UTC
Updated Sep 13, 2021 at 11:29 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Blockchain provenance startup Everledger has raised $20 million in a Series A round led by internet giant Tencent.

In an announcement on Monday, Everledger said Tencent has now joined its board as part of the investment deal. Bloomberg Beta, Rakuten, Fidelity, Graphene Ventures and Vickers Venture Partners also took part in the round.

The U.K.-based startup set out as a platform using blockchain to verify the authenticity of diamonds, and his since expanded to other areas where provenance and transparency are of key importance such as minerals, luxury goods wine and art. Back in 2016, the firm took part in an accelerator program run by Mastercard.

Leanne Kemp, founder and CEO of Everledger, said in the announcement:

“Today’s announcement amplifies our commitment to global markets, whilst fuelling our industry momentum as we continue to build Everledger. Having this strong investor cohort join us at this stage in our development is both validation of the innovation we’ve displayed to date, and a statement of future intent.”

Kemp also revealed that her firm will launch a WeChat Mini Program for blockchain-tracked diamonds. Th service is aimed to enable WeChat users to "buy jewellery with more transparency and security," she said​.

With Tencent now a partner, Kemp further said the relationship will help Everledger strengthen its presence in China.

Discussing the reasons for backing the blockchain firm, Tencent chief strategy officer James Mitchell said, “Everledger’s application of blockchain technology enhances value to consumers and reduces risks for businesses across the industry.”

Leanne Kemp image via CoinDesk archives

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.