WaveBL extends Series B to $37 million to expand blockchain-based digital trade document platform
WaveBL extends Series B to $37 million to expand blockchain-based digital trade document platform
The Israeli startup’s platform enables the instant, encrypted, and authenticated transfer of electronic Bills of Lading and related trade documents. The platform is designed to meet the needs of all parties involved in trade, including shipping companies, agents, brokers, and banks
WaveBL, which develops digital trade document solutions, announced on Thursday that it has raised an additional $11 million to take its Series B to $37 million. The company announced last June that it had raised $26 million led by NewRoad Capital Partners, an investment firm focused on innovative and growth-oriented companies in the supply chain and logistics, retail, and marketing technology sectors. Existing investors ZIM, Marius Nacht, Contour Venture Partners, Frank Sica, and Techstars Central LLC also participated in the funding round, as did a new investor, Reefknot Investments, backed by Temasek and Kuehne + Nagel.
"This additional funding illustrates the importance of moving to digital documents for the global trade industry and the interest of the investor community in our WaveBL platform," stated Micha Shahaf, CFO at WaveBL. "With this latest investment, we have closed our 2023 financing round of $37M, of which the latest Series B funding round of $11 million is a combination of equity and venture debt."
WaveBL is a digital platform using proprietary blockchain technology to electronically transfer trade documents. The WaveBL solution enables the instant, encrypted, and authenticated transfer of electronic Bills of Lading and related trade documents. The platform complies with universal processes and regulations in use. The platform is designed to meet the needs of all parties involved in trade, including shipping companies, agents, brokers, and banks.
"The investment round further emphasizes the significance of our robust patented blockchain-based technology for international trade," added Noam Rosenfeld, CEO at WaveBL. "The additional investment, originating from strategic ventures deeply rooted in the supply chain and trade finance, will expedite our plans to offer a comprehensive digital trade documents solution from issue to customs. It bolsters our vision for a secure solution in transferring original and unique documents for every requirement across any domain worldwide."
